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Canadian Renewable & Conservation Expense (« CRCE »): « Green » Energy Tax Incentives
In recent months, emerging or start-up companies have found it difficult to access the capital markets. Investors seem to be less willing to take on risk and have moved their investment dollars to companies that are perceived to be more...
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Canadian Coalition for Good Governance releases its 2013 Executive Compensation Principles
On December 17, 2012, the Canadian Coalition for Good Governance (« CCGG ») released its 2013 Executive Compensation Principles, refining and updating its previous publication released in 2009. Noting that executive compensation practices and regulatory reporting requirements have and continue to evolve,...
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Abdula v. Canadian Solar Inc.: In Ontario, Everyone is « Responsible »
In Abdula v Canadian Solar Inc.1, the Ontario Court of Appeal held that a publicly traded company that does business or has offices in Ontario can potentially be subject to a lawsuit by retail investors even if its shares are...
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CSA Shines a Spotlight on Mutual Fund Fees and Advisor Compensation
« According to the CSA, mutual funds are the most commonly held investment product in Canada, with 62% of all Canadian investors holding mutual funds in their investment portfolios. Most of these investors purchased their mutual funds through an advisor. » The...
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Empty Voting – Waiting for a Regulatory Response
Empty Voting in the Spotlight Hedge funds, activist investors, issuers and corporate governance advisors will be paying close attention to the practice of « empty voting » after the decision of the British Columbia Court of Appeal (the « BCCA ») regarding the proxy...
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Introducing Point of Sale Stage 2 for Mutual Funds: The Impact on Dealers Selling Mutual Funds
Introduction A careful reading of the pronouncements of the Canadian Securities Administrators (« CSA ») discloses that in all likelihood, Stage 2 of the point of sale (« POS ») initiative will become reality during 2013. POS is, broadly speaking, an investor-focused project intended...
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Mutual Funds Point of Sale Stage 2: An Opportunity to Revisit NP 11-201 Electronic Delivery of Documents
Introduction When the Canadian Securities Administrators (« CSA ») released a re-written National Policy 11-201 Electronic Delivery of Documents (« NP 11-201 ») in November 2011, the potential impact of the amendments may have slipped by, relatively unnoticed by dealers. The impending implementation of...
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No-Contest Settlements: An Effective Tool to Help Enforce Ontario Securities Law?
An earlier version of this article was included in the program materials for The Twelve-Minute Civil Litigator 2012 on September 20, 2012 and has been reprinted with permission from The Law Society of Upper Canada. Introduction The question of whether...
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Getting Out the Vote: Potential Regulation of Proxy Advisory Firms
In recent years, the role of proxy advisory firms in the Canadian capital markets has noticeably increased. Institutional investors, issuers and proxy advisory firms will be interested in the consultation paper of the Canadian Securities Administrators (CSA) published for comment...
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Secret Proxy Fights: Is Your Board About to be Replaced Without Your Knowledge? Advance Notice By-laws May Save the Day
Despite the effort that Canadian companies make to properly identify, vet, and educate director nominees, for most of these companies, unknown, unproven and, at times, undesirable director candidates can be nominated directly from the floor of shareholder meetings – with...
