Legal Alert: Notice-And-Access Rules In Effect For Spring 2013 Proxy Season
January 16, 2013
Securityholder meetings to be held on or after March 1, 2013 will be eligible for notice-and-access pursuant to amendments the Canadian Securities Administrators (CSA) recently adopted.
On November 29, 2012, the CSA announced it had adopted amendments to National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer, National Instrument 51-102 – Continuous Disclosure Obligations, and certain related policies and forms. These amendments provide for:
- “notice-and-access” rules allowing reporting issuers to post proxy-related materials and annual financial statements and management’s discussion and analysis to a website, instead of mailing them to securityholders;
- enhanced disclosure of the voting process for beneficial owners; and
- a simplified process for appointing beneficial owners as proxy holders.
As the proxy season approaches, issuers should consider the implications of these rules and whether they may be utilized to reduce the costs associated with the printing and mailing of proxy-related materials.
Click here to read McInnes Cooper’s full analysis of this legislation change.
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