Our 2015 Update to the Canadian Proxy Contest Study explores some interesting reversals in trends that we previously identified in the ground breaking 2013 Canadian Proxy Contest Study and its companion Canadian Proxy Contest Study – 2014 Update. The highlights from 2014 were:
- 2014 witnessed the fewest contests since 2010.
- Management had its strongest results since 2011, winning 58% of board-related contests.
- Retail shareholders launched only one contest in 2014.
- Seeking a full slate remained the preferred (and more successful tactic).
- Perhaps as a sign of the strength of management's performance in 2014, settlements were a rare occurrence.