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Canadian Proxy Contest Study - 2020 Update

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Mergers and Acquisitions Bulletin

Fasken is pleased to release its Canadian Proxy Contest Study - 2020 Update(PDF).

Our 2020 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 our annual updates.

Highlights from this year's update include:

  • The volume of board-related contests reached a low point
  • Contest outcomes were split evenly between management and dissidents
  • The universal proxy card became a more common tool

If you are interested in the state of hostile bids in Canada, we recommend reading our 2015 Canadian Hostile Take-Over Bid Study which provided an empirical analysis of all 143 hostile bids for control of a Canadian-listed issuer over the ten-year period ending 2014, as well as our analysis of hostile bid activity since the 2016 changes to the bid regime.

You may also be interested in our Directors' Handbook: Shareholder Activism, which provides practical guidance for public company directors and boards looking to bolster their defence against activists.


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