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CSA Adopts National Policy on Guidance for Proxy Advisory Firms


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


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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