Mar. 24, 2020 - In a swift response to the COVID-19 pandemic, on March 4, 2020, the U.S. Securities and Exchange Commission (SEC) issued an order providing temporary conditional relief for SEC registered issuers and other persons that are unable to meet a filing deadline as a result of COVID-19. Subject to...
Shareholder Proposals in the United States and Canada
Chapter 7 of Davies Governance Insights 2019
Shareholder proposals have long been an effective tool for investors to raise environmental, social and governance issues and foster engagement with a public company. That said, compliance with the shareholder proposal regime can impose costs and burdens on companies. For years, the U.S. Securities and Exchange Commission (SEC) has been trying to balance the benefits and costs of shareholder proposals. A bill proposed in 2018 and statements from the SEC Chairman indicate that the SEC will propose revisions to the shareholder proposal regime in the near future, especially with respect to the requirements for resubmitting proposals that were previously rejected by shareholders. In this chapter, we review the existing shareholder proposal regime in the United States and discuss potential changes to the resubmission thresholds. We also take a look at the rising number of shareholder proposals in Canada, a regime not likely to change in the near future.
This chapter appears in the 2019 edition of Davies Governance Insights, our comprehensive annual report on the trends and issues most important to Canadian public companies.
Mar. 23, 2020 - The Act mainly to establish the Centre d'acquisitions gouvernementales and Infrastructures technologiques Québec (Act) was assented to on February 21, 2020, by the National Assembly of Québec. The Act incorporates new provisions in the government procurement rules to combat abusive tax...