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Canadian securities regulators publish for comment guidance for proxy advisory firms
[April 24, 2014]

Canadian securities regulators publish for comment guidance for proxy advisory firms


(Canada Newswire Via Acquire Media NewsEdge) 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

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