Neill May quoted in "Canadian regulators put proxy 'vote buying' in the crosshairs", Financial Post
|Area||Corporate Finance and Securities|
Excerpt from "Canadian regulators put proxy 'vote buying' in the crosshairs", by Barbara Shecter, Financial Post:
“The PointNorth decision is unlikely to be the final chapter on this subject,” Neill May, a partner at Goodmans LLP wrote in a note to clients. “Reasons include the widespread use and controversial nature of these arrangements, the potential for a different result if the complainant can lead to evidence of harm and the fact that the ASC did not express a broad perspective on the practice.”
Among the points left open to debate is whether the use of a soliciting dealer arrangement in a proxy contest goes against the fiduciary duties of directors, or is oppressive to shareholders, wrote May, who is co-chair of the corporate securities group at Goodmans.
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