A blog written by Ben Dummett of the Wall Street Journal, which appeared on Dow Jones Factiva, quotes Fasken Martineau’s 2015 Update to its ground breaking 2013 Proxy Contest Study.
Amid talk of rising shareholder activism in Canada, management and boards showed signs of holding their own in 2014. Of the 12 formal board-related proxy contests last year in which shareholders tried to remove some or all of a company's directors, management won 58% of the time -- "it's first winning record since 2011," according to Canadian law firm Fasken Martineau. That said, the data suggest there's a higher success rate when activists look to replace the whole board instead of just some of them.
The 2015 Update is co-authored by M&A partners Bradley Freelan and Aaron Atkinson. It is the second annual update to the firm’s empirical study of proxy contests in Canada by the M&A Group.