The TSX has announced that listed issuers will be required to (a) elect directors individually, (b) hold annual elections for all directors, (c) disclose whether they have adopted a majority voting policy for uncontested meetings (or explain why not), (d) advise the TSX if a director receives a majority of ‘withhold’ votes (if majority voting has not been adopted) and (e) promptly issue a news release providing details of voting results for directors. These amendments to the TSX Company Manual are intended to remedy what the exchange regards as Canada’s ‘lagging’ performance in comparison with corporate governance practices in other jurisdictions.

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