Both Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co. (“GL”) released updates in November 2012 to their proxy voting recommendation guidelines for the 2013 shareholder meeting season. Below is a summary of the changes relevant to TSX and TSX-V listed companies.
Director Elections -
Director Elections by Slate -
To align with the TSX rule amendment coming into effect December 31, 2012, prohibiting the election of directors as a slate, and the similar prohibition under the TSX-V policies, ISS will recommend withholding votes from all directors nominated by slate ballot, other than on contested director elections. While the updated GL guidelines similarly noted the TSX and TSX-V rules prohibiting director elections by slate, GL indicates that it may on a case by case basis support slate director elections for companies listed on exchanges other than the TSX.
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