MONTREAL, April 24, 2014 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms (Proposed Policy).
"The CSA recognize that proxy advisory firms play an important role in advancing good corporate governance by facilitating institutional investors' ability to exercise their voting rights at shareholder meetings," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "At the same time, we believe that providing proxy advisory firms with recommended practices and disclosure is appropriate to heighten transparency and maintain a high degree of confidence in the quality of the voting process."
On June 21, 2012, the CSA published for comment Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms. The Proposed Policy is intended to address concerns raised in the consultation process by certain market participants related to conflicts of interest, transparency and accuracy.
The CSA is proposing a policy-based approach, providing 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 CSA is seeking feedback on the Proposed Policy generally and on specific questions.
The Proposed Policy is available on CSA members' websites. The comment period is open until June 23, 2014.
The CSA, the council of the securities regulators of Canada's provinces and territories, coordinate and harmonize regulation for the Canadian capital markets.
For more information:
| Sylvain Théberge Autorité des marchés financiers 514-940-2176 |
Mark Dickey Alberta Securities Commission 403-297-4481 |
| Richard Gilhooley British Columbia Securities Commission 604-899-6713 |
Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361 |
| Kevan Hannah Manitoba Securities Commission 204-945-1513 |
Wendy Connors-Beckett Financial and Consumer Services Commission New Brunswick 506-643-7745 |
| Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586 |
Janice Callbeck PEI Securities Office Office of the Attorney General 902-368-6288 |
| Don Boyles Financial Services Regulation Div. Newfoundland and Labrador 709-729-4501 |
Rhonda Horte Office of the Yukon Superintendent of securities 867-667-5466 |
| Louis Arki Nunavut Securities Office 867-975-6587 |
Gary MacDougall Northwest Territories Securities Office 867-873-7490 |
| Daniela Machuca Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160 |
SOURCE: Autorité des marchés financiers
Sylvain Théberge
Autorité des marchés financiers
514-940-2176
Mark Dickey
Alberta Securities Commission
403-297-4481
Richard Gilhooley
British Columbia Securities Commission
604-899-6713
Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361
Kevan Hannah
Manitoba Securities Commission
204-945-1513
Wendy Connors-Beckett
Financial and Consumer Services Commission
New Brunswick
506-643-7745
Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586
Janice Callbeck
PEI Securities Office
Office of the Attorney General
902-368-6288
Don Boyles
Financial Services Regulation Div.
Newfoundland and Labrador
709-729-4501
Rhonda Horte
Office of the Yukon Superintendent of
securities
867-667-5466
Louis Arki
Nunavut Securities Office
867-975-6587
Gary MacDougall
Northwest Territories
Securities Office
867-873-7490
Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160
Share this article