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CSA Adopts National Policy on Guidance for Proxy Advisory Firms

May-1-2015

Lawyer Jonathan Feldman, Eric Goldberg, Neill May
Area Corporate Finance and Securities

Summary

The Canadian Securities Administrators (CSA) have announced that they are adopting a policy providing guidance to proxy advisory firms, which have an influential role in public securityholder voting contexts.  National Policy 25-201 Guidance for Proxy Advisory Firms (NP 25-201) provides guidance on recommended practices and disclosure for proxy advisory firms, in order to: (i) promote transparency in the processes leading to vote recommendations and the development of proxy voting guidelines; and (ii) foster understanding among market participants about the activities of proxy advisory firms.

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