Fasken Martineau is pleased to release its Canadian Proxy Contest Study - 2016 Update.
Highlights from our analysis include:
- The number of contests continued to decline to levels not seen since 2006.
- Soliciting only by public broadcast has gained popularity.
- Management had its strongest results yet, winning 78% of formal board-related contests.
- Dissidents avoided targeting larger issuers and focused their efforts on micro-cap issuers.
- Institutional investors initiated a majority of contests but were unsuccessful in their efforts.
In addition to our proxy contest series, we recommend downloading our 2015 Canadian Hostile Take-Over Bid Study, which provides an empirical analysis of all 143 hostile bids for control of a Canadian-listed issuer over the ten-year period ending 2014.