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Advance Notice Policies on the Rise

August-7-2012

Lawyer Jonathan Feldman, Neill May
Area Corporate Finance and Securities, Shareholder Rights and Activism

Summary

As shareholder activism increases in Canada, the mechanics of proxy disputes are becoming increasingly refined and more frequently tested.  In the recent decision of Northern Minerals Investment Corp. v. Mundoro Capital Inc., 2012 BCSC 1090, the Supreme Court of British Columbia considered two of the tools used by issuers in connection with proxy contests:

  • the implementation of an “advance notice policy”, and
  • the postponement of a shareholder meeting.

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