Court of Appeal Issues Important Majority Voting Decision

The Court of Appeal for Ontario has issued an important decision on majority voting policies of TSX listed issuers. Such policies require directors to submit their resignation to the board of directors if they do not receive more “for” votes than “withheld” votes. The board then determines whether to accept that resignation. The TSX expects that boards will accept the resignation except in “exceptional circumstances”, in order to give effect to the will of the issuer’s shareholders…

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