Proxy Season 2021 : Recent Updates and Key Things to Know from Wildeboer Dellelce LLP

Tuesday, April 13, 2021

With the upcoming 2021 proxy season fast approaching, both issuers and investors should be aware of changes and developments in several areas of corporate governance and securities law. As in past years, proxy advisory firms Glass, Lewis & Co. (“Glass Lewis”) and Institutional Shareholder Services (“ISS”) have updated their Canadian proxy voting guidelines for the upcoming proxy season, the full versions of which are available here and here, respectively. Glass Lewis’ guidelines are effective for meetings held on or after January 1, 2021, and ISS’ guidelines are effective for meetings held on or after February 1, 2021. Additionally, ISS has published guidance on the impact of the COVID-19 pandemic, which is available here. In this update, we have summarized key developments in corporate governance and securities law, including certain proposed amendments to the Canada Business Corporations Act (the “CBCA”), and the more significant changes to each of Glass Lewis and ISS’ Canadian guidelines.

This update is intended as a summary only and should not be regarded or relied upon as advice to any specific client or regarding any specific situation.

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