Canadian companies could be compelled to give shareholders
with smaller holdings a say in the director nomination process
after shareholders at TD Bank, one of the
country’s largest financial institutions, approved
the implementation of the country’s first proxy
Just over 52% of the bank’s shareholders voted
in favour of this proposal on March 30. Forty-eight percent of
the owners of another bank, RBC, approved a similar motion on
April 6, although this was not enough to see the motion passed.
But the level of support seen at RBC is nevertheless an
indication of the growing amount of support given to
shareholder-backed director nominations.
TD Bank’s shareholders voted to give owners
with at least three percent of shares – as opposed to
five percent under existing Canadian statutes – the
right to put forward a proposal for a different slate of
Other conditions attached to...