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:
- The number of formal proxy contests held steady.
- Dissidents ended management’s three-year winning streak.
- Solicitations by public broadcast remained relatively infrequent.
- Micro-cap companies remained the focus of the action.
- 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 fasken.com/proxy-study.
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