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Fasken Issues 2020 Proxy Contest Study

Reading Time 2 minute read


Toronto (Canada) – Today, Fasken released its Canadian Proxy Contest Study: 2020 Update, a review of formal proxy contests in Canada last year.

Highlights from the 2020 Update include:

  1. The volume of board-related contests reached a low point
  2. Contest outcomes were split evenly between management and dissidents
  3. Dissidents had success with broadcast-only board-related contests
  4. Mid/large cap issuers became the focus of attention
  5. The universal proxy card became a more common tool

“This is the lowest number of formal board-related contests since we began tracking data in 2007,” said Brad Freelan, Partner, Mergers & Acquisitions (M&A) group. “Management won half the contests outright, while dissidents achieved some or all of their objectives in the other half of contests. Dissidents continued to perform well in broadcast-only board-related contests.”

“We noticed a couple of new trends in 2020,” said Dana Gregoire, Fasken Associate. “Most of the action occurred among mid/large cap companies, rather than primarily micro caps. The use of universal proxy cards also became more frequent, although they were primarily used by dissidents.”

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More than 100 Fasken lawyers focus on advancing M&A strategies for clients every day. Another 600 are available to step in with specific advice on tax strategies, competition and foreign investment laws, acquisition financing, labour and employment, corporate finance, intellectual property, foreign corrupt practices and government relations. This makes our M&A team one of the largest and most integrated in Canada and elsewhere.

About Fasken

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