January 26, 2017 Securities CSA

Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 54-305

Meeting Vote Reconciliation Protocols, which outlines CSA staff expectations and guidance for improving the processes involved in the tabulation of proxy votes.

“These protocols lay the foundation for key entities to work collectively to improve meeting vote reconciliation,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “This is a significant milestone in our work to increase the accuracy, accountability and reliability of the proxy voting infrastructure.”

The voluntary protocols outline CSA staff expectations related to 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 the 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. 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.

The notice

, including the protocols, can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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