News Releases
Canadian securities regulators publish guidance for proxy advisory firms
Apr 30, 2015
The Canadian Securities Administrators (CSA) today adopted National Policy 25-201 Guidance for Proxy Advisory Firms (the Policy).
“The Policy recommends best practices that are intended to address the concerns of market participants while recognizing that proxy advisory firms play an important role in the voting process,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “We have taken into consideration the points of view of all stakeholders, including institutional investors and issuers, and we are confident that we have reached a good solution.”
The Policy provides guidance on recommended practices and disclosure for proxy advisory firms to promote transparency in the services they provide to clients and to foster an understanding among market participants about proxy advisory activities.
The guidance addresses the identification, management and mitigation of actual or potential conflicts of interest; the transparency and accuracy of vote recommendations; the development of proxy voting guidelines; and communications matters.
The Policy is available on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinate and harmonize regulation for the Canadian capital markets.
Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca
Alison Walker
British Columbia Securities Commission
604-899-6713
Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586
Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-5401
Jeff Mason
Nunavut Securities Office
867-975-6591
Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan
306-798-4160
Alison Trollope
Alberta Securities Commission
403-297-2664
Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361
Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021
Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288
Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466