On February 13, 2014, the Toronto Stock Exchange (TSX) announced that it had received the Ontario Securities Commissions approval to proceed with amendments to the TSX Company Manual (the 2014 Amendments) to require all TSXlisted issuers to adopt majority voting for the election of directors.
An issuer does not have to adopt a formal majority voting policy if it otherwise satisfies the majority voting requirements of the TSX for example, if its articles or bylaws include majority voting provisions. TSX requires each Majority Voting Policy to substantially provide for the specific requirements set out in Subsections 461. 3 (a) to (e) of the Manual (the" Policy Requirements" ). TSX conducted a review of 200 randomly selected Majority Voting Policies (the" Reviewed Policies" ) from TSXlisted issuers to assess compliance The new majority voting rules will take effect for fiscal yearends from June 30 on, the TSX said Thursday, and will apply to all listed companies except those with a majority shareholder.
Majority voting policies have already been widely adopted on a voluntary basis in Canada, but will now become mandatory for all TSX companies. Nov 08, 2012 Pursuant to recent amendments to the TSX Company Manual (the" Manual" ), which will become effective on December 31, 2012, issuers listed on the Toronto Stock Exchange (the" TSX" ) will be required to disclose whether they have adopted a" majority voting" policy in respect of director elections.
The TSX also published for comment further proposed amendments to its Company Manual that would require Tsx manual majority voting example listed on the TSX to have majority voting for director elections at uncontested meetings. Issuers would be able to comply with the requirement by adopting a majority voting policy.
Although the amendments remove sections of the TSX Company Manual which require the issuer to describe any majority voting policy to security holders on an annual basis, the policy should still be The TSX noted in its announcement of the adoption of the Amendments that in the summer of 2013 it surveyed a cross section of 200 issuers and found that 76 had already adopted a majority voting policy.