TSX Arms Shareholders With New Board Voting Rules

Law360, New York (February 19, 2014, 6:47 PM EST) -- Recent rule tweaks from the Toronto Stock Exchange give investors substantially more flex in listed companies' director elections, setting activists up with a clear path to board shakeups as Canada continues a broader push to emphasize shareholder rights in its corporate governance standards.

The revisions, unveiled Thursday, extend to all TSX listees without a controlling shareholder and require any director at such a company to step down if he or she does not win majority approval in an annual election. Barring any “exceptional circumstances,” a given...
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