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Governance Initiatives Keep Coming - Open Letter from RiskMetrics on Individual Board Elections

July-20-2009

Area Corporate Finance and Securities

Summary

RiskMetrics Group (“RMG”), a major institutional shareholder advisory group, has changed its policy concerning the election of directors to the boards of Canadian public issuers. In an open letter to all TSX-listed issuers, RMG urged the adoption of voting for directors on an individual basis (rather than on a slate basis) and indicated that starting next February it would recommend that its institutional clients withhold votes on all slates.

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