Canadian Proxy Contest Study - 2017 Update
Fasken Martineau is pleased to release its Canadian Proxy Contest Study - 2017 Update.
Our 2017 Update offers a review of proxy contest activity in Canada over the past year and follows on from our ground-breaking 2013 Canadian Proxy Contest Study and its companions the Canadian Proxy Contest Study - 2014 Update Canadian Proxy Contest Study - 2015 Update, and the Canadian Proxy Contest Study - 2016 Update.
Highlights from our analysis include:
- The number of contests continued to decline to levels not seen in over ten years.
- The number of solicitations conducted only by public broadcast declined.
- Management posted a near-perfect record, winning 86% of formal board-related contests.
- Dissidents continued to avoid targeting larger issuers and focused their efforts on micro-cap issuers.
- Institutional investors did not initiate any formal contests in 2016.
In addition to our proxy contest series, we recommend downloading our 2015 Canadian Hostile Take-Over Bid Study, which provides an empirical analysis of all 143 hostile bids for control of a Canadian-listed issuer over the ten-year period ending 2014 and our Director's Handbook: Shareholder Activism, which provides practical guidance for public company directors and boards looking to bolster their defence against activists.
Our empirical studies offer some surprising findings and insight and analysis that will be of interest to all participants in Canada's capital and M&A markets, including boards, shareholders, bidders, advisors and regulators. To learn more, download Fasken Martineau's Canadian Proxy Contest Study - 2017 Update.