That's What Proxies Are For!
|Area||Corporate Finance and Securities|
Article originally published in the Canadian Lawyer Magazine, June 2019
Excerpt from "That's What Proxies Are For!":
Of more general application, the slowness of some issuers and practices to adapt to modern phenomena of shareholder activism and unregistered shareholders was reflected in the recent decision of the British Columbia Supreme Court in Russell v. Synex International Inc. That decision arose in the wake of an effort by the largest shareholder of Synex to replace the company’s board of directors at Synex’s 2018 shareholder meeting. The dissident shareholder held approximately 33 per cent of the outstanding shares and had gathered proxies without using a dissident proxy circular for additional shares that, when combined with his own, gave him authority to vote a majority of the outstanding shares.