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Companies In Canada Must Prepare For Shareholder Activism

Law360 (June 10, 2019, 3:53 PM EDT) -- In 2018, Canada saw 13 public proxy fights — the most since 2011.[1] This prevalence of public proxy contests was coupled with a significant increase in "behind-the-scenes" activism, in which activists privately advocate for change at the target company in an effort to reach an agreement without publicly airing their grievances.

In May 2018, Element Financial Corporation (now Element Fleet Management Corp.) reconstituted its board as a result of agreements with some of the company’s largest shareholders and Element’s own assessment of its board composition. And on Dec. 4, 2018, Cominar REIT announced a settlement with FrontFour Capital Group LLC, Westdale Construction...

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