Canadian directors will have the chance to respond to negative
vote recommendations by proxy advisory firms if the Canadian
Securities Administrators (CSA) defer to their requests.
That was one of multiple policy initiatives
advocated by trade group Institute of Corporate Directors (ICD)
in an August 20 comment letter responding to the CSAs
June 21 consultation paper on proxy advisory firms.
Proxy advisory firms are not regulated by Canadian
securities laws so are not required to disclose to the public
information regarding potential conflicts, or explain how they
concluded shareholders would benefit from voting one way or
Further, the countrys most active proxy advisers
Institutional Shareholder Services (ISS) and Glass Lewis
& Co are not held to the same level of legal