TORONTO, Feb. 13, 2014 /CNW/
- Toronto Stock Exchange (TSX) today announced that it has received notice of
approval from the Ontario Securities
Commission to proceed with amendments to the TSX Company Manual, mandating TSX
issuers adopt majority voting.
The amendments require each director of a TSX-listed issuer, other
than of a majority controlled issuer, be elected by a majority of the votes
cast with respect to his or her election other than at contested meetings.
In 2012, TSX implemented changes to director election rules that,
among other things, required directors to be elected individually. The
majority voting requirement now makes directors more accountable to security
holders and gives security holders a stronger voice in electing directors.
"Toronto
Stock Exchange is committed to improving corporate governance standards in Canada and believes the new amendments
provide shareholders with important rights," said Kevan Cowan,
President, TSX Markets and Group Head of Equities, TMX Group. "By
mandating majority voting, TSX believes transparency is enhanced and the
dialogue between issuers, security holders and other stakeholders is improved."
"TMX
Group is Canada's leading marketplace and we provide
thought leadership in corporate governance," said Tom Kloet,
CEO, TMX Group. "The changes we announced today reflect our
commitment to further enhancing Canada's reputation
and international position in this area."
The
amendments will become effective for listed issuers on June 30, 2014.
The final rules can found on www.tmx.com.
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