Toronto (Canada) – Fasken today released its 2019 Proxy Contest Study Update, a review of formal proxy contests in Canada over the past year. The number of contests reached a four-year high in 2018, the majority of which involved issuers engaged in the mining or oil and gas sectors.
“The number of formal proxy contests increased for the first time in four years with a total of 13 in 2018,” said Bradley Freelan, Partner, M&A Group. “With more partial wins than outright victories, dissidents won the majority of board-related contests for the second year in a row.”
“This year’s update shows that solicitations by public broadcast remain relatively infrequent,” said Dana Gregoire, Fasken Associate. “Micro-cap issuers also continue to be the leading target of formal proxy contests, while natural resource companies were frequent targets of board-related contests.”
Additional information and previous updates are available on our website.
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