Fasken Martineau is pleased to release its Canadian Proxy Contest Study - 2016 Update.

Our 2016 Update offers a review of proxy contest activity in Canada over the past year and follows on from our ground-breaking 2013 Canadian Proxy Contest Study and its 2014 Update and 2015 Update.

Highlights from our analysis include:

  1. The number of contests continued to decline to levels not seen since 2006.
  2. Soliciting only by public broadcast has gained popularity.
  3. Management had its strongest results yet, winning 78% of formal board-related contests.
  4. Dissidents avoided targeting larger issuers and focused their efforts on micro-cap issuers.
  5. 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. 

Download the study