The IIAC participated in the Canadian Securities Administrators review of the proxy voting system and processes, including through the IIAC’s Proxy Protocol Working Group, to identify cost-effective improvements to the proxy voting infrastructure.
Draft proxy voting protocols were developed with IIAC Member input to provide guidance on the roles and responsibilities of all key participants (i.e. intermediary dealers who submit proxy votes, transfer agents who act as meeting tabulators, vendors acting as proxy agent, and Canada’s central depository for securities) in the proxy voting process, and detail the operational processes for tabulating proxy votes held through intermediary dealers.
The draft protocols are expected to be published for public comment in spring 2016.
The draft proxy voting protocols will increase transparency and accountability, reduce transaction costs and discretion in vote processing to the benefit of issuers and investors, and enhance investor confidence in the integrity of the shareholder voting process.