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Fasken’s 2018 Proxy Contest Study: The Dissidents Strike Back

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Toronto (Canada) Fasken releases its Proxy Contest Study 2018 Update, a review of formal proxy contests in Canada last year.


Highlights from the 2018 Update include:


  1. The number of formal proxy contests held steady.
  2. Dissidents ended management’s three-year winning streak.
  3. Solicitations by public broadcast remained relatively infrequent.
  4. Micro-cap companies remained the focus of the action.
  5. Institutional activists came off the sidelines and had some success.


“For the first time in three years, dissidents had success in a majority of formal board-related proxy contests,” said Aaron Atkinson, Partner, M&A group. “In addition, more contests were initiated by outside activists than by current or former management.”


“Most of the action focussed on micro-cap companies, but a quarter of the contests involved large cap companies, an increase over 2016,” said Bradley Freelan, Partner, M&A group. “Also of note, institutional activists came off the sidelines in 2017, achieving full or partial success in four of five contests launched.”


Additional information & previous updates are available on our website at


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