Of note, among the priorities listed for the upcoming year, will
be a focus on improving shareholder democracy by facilitating the
adoption of majority voting by TSX-listed issuers and publishing a
consultation paper on key proxy voting infrastructure issues. The
TSX announced in October 2012 that it intends to impose
majority voting on all of its listed issuers as of December 31st of
this year. The OSC states in its statement that it is supportive of
the TSX's initiative and that numerous commentators encouraged
the OSC to continue to
review shareholder democracy issues as outlined in 2011 in OSC
Staff Notice 54-701. With respect to
proxy voting infrastructure, the CSA plan to publish a concept
paper this summer to outline and seek feedback on key issues.
The OSC will also continue its study of a
best interest duty on dealers and advisers and its discussion
of mutual fund fees and fees for other investment products. Capital
market structure and capital raising will be on the agenda as well,
with the aim of completing stakeholder consultations on
last year's prospectus exemption consultation paper and
looking at options to expand access to capital for Ontario issuers,
including an examination of Canada's capital market structure
and the impact of the order protection rule, electronic trading and
market data fees. Finally, as has been the focus for the last few
years, in accordance with its G20 commitments, the OSC will also
continue working with other CSA members towards implementation of
OTC derivatives regime, including with respect to
clearing and trade reporting.
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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.
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