On December 31, 2012, the recent amendments to the TSX Company Manual regarding
director elections and majority voting became effective. Under the
new rules, TSX-listed companies are required to:
elect directors individually (not as a slate);
hold annual elections for all directors; and
promptly issue a news release providing detailed disclosure of
the voting results for the election of directors.
In addition, the new rules require TSX-listed companies to
disclose annually in its management information circulars whether
they have adopted a majority voting policy for directors for
uncontested meetings. If a majority voting policy has not been
adopted, the company is required to explain in its management
information circular its practices for electing directors as well
as the reasons why the company has not adopted a majority voting
policy. The new majority voting rules are discussed in further
detail in a prior post, which can be found
FMC is one of Canada's leading business and litigation law
firms with more than 500 lawyers in six full-service offices
located in the country's key business centres. We focus on
providing outstanding service and value to our clients, and we
strive to excel as a workplace of choice for our people. Regardless
of where you choose to do business in Canada, our strong team of
professionals possess knowledge and expertise on regional, national
and cross-border matters. FMC's well-earned reputation for
consistently delivering the highest quality legal services and
counsel to our clients is complemented by an ongoing commitment to
diversity and inclusion to broaden our insight and perspective on
our clients' needs. Visit:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).