CSA aims to improve proxy voting processes

By Staff | January 27, 2017 | Last updated on January 27, 2017
1 min read

The Canadian Securities Administrators has published CSA Staff Notice 54-305 Meeting Vote Reconciliation Protocols. It lays out CSA staff expectations and guidance for improving the processes involved in the tabulation of proxy votes.

Louis Morisset, CSA chair, and president and CEO of the Autorité des marchés financiers, says, “This is a significant milestone in our work to increase the accuracy, accountability and reliability of the proxy voting infrastructure.”

In the notice, CSA offers guidance on:

  • generating and sending vote entitlement information;
  • setting up vote entitlement accounts;
  • sending proxy vote information and tabulating and recording proxy votes; and
  • informing beneficial owners of any rejected or pro-rated votes.

Over the next two proxy seasons, the CSA will monitor the implementation of these protocols and assess the need for any enhanced regulatory measures. The CSA will also continue to encourage and monitor industry initiatives for paperless meeting vote reconciliation and end-to-end vote confirmation.

Plus, CSA staff will receive ongoing input on these areas from a technical committee made up of representatives from key service providers involved in the proxy voting process.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.