Fasken Martineau is pleased to release its Canadian Proxy Contest Study - 2016 Update.
Our 2016 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 and Canadian Proxy Contest Study - 2015 Update.
Highlights from our analysis include:
- The number of contests continued to decline to levels not seen since 2006.
- Soliciting only by public broadcast has gained popularity.
- Management had its strongest results yet, winning 78% of formal board-related contests.
- Dissidents avoided targeting larger issuers and focused their efforts on micro-cap issuers.
- Institutional investors initiated a majority of contests but were unsuccessful in their efforts.
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.
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 - 2016 Update.