Jonathan Feldman Quoted in "Canada Supercharges ‘Vote No’ Campaigns", The Deal

Jonathan Feldman shares his insights in a recent article in The Deal, entitled "Canada Supercharges ‘Vote No’ Campaigns".

Canadian corporate directors rarely receive votes of opposition from a majority of shares in uncontested elections.

Amendments to the Canadian Business Corporation Act, or CBCA, last year, however, could produce more so-called vote-no campaigns against board members at companies in the Great White North for the first time, as the 2023 proxy season begins.

"Directors at federally incorporated companies are now more vulnerable and could face a vote no campaign in an uncontested election," Toronto-based Goodmans LLP partner Jonathan Feldman told The Deal. "It will be cheaper for activists to target specific directors for removal with minimal cost and effort. They can’t replace the directors with this mechanism, but they have a strong chance of having targeted directors resign.”

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