Regulatory Alerts2023-01-31
Decision No. 2023-PDG-0002: General Decision 51-930 Exempting Certain Issuers from the Proxy Form Requirement Related to Director Elections
The Autorité des marchés financiers issued General Decision 51-930 to exempt certain issuers incorporated under the Canada Business Corporations Act from the standard proxy form requirements for uncontested director elections. This exemption applies provided that the issuers instead comply with the majority voting provisions set out in section 149(1) of the CBCA and section 54.1(2) of the CBC Regulations. The decision, effective January 31, 2023, aligns Quebec securities regulations with federal corporate law changes regarding shareholder voting instructions.
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