On April 24, 2014, the Canadian Securities Administrators (CSA) published for comment proposed National Policy 25 201 Guidance for Proxy Advisory Firms (the Proposed Policy). The Proposed Policy follows a public consultation by the CSA, which began in June 2012 with Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms. The consultation identified certain concerns raised in the marketplace about the activities of proxy advisory firms such as Institutional Shareholder Services Inc. and Glass, Lewis & Co. and the potential impact on Canadian markets, and if and how such concerns should be addressed by the CSA.
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