On January 31, 2023, the Canadian Securities Administrators (CSA) published an exemption from the director election form of proxy requirement for reporting issuers incorporated under the Canada Business Corporations Act (CBCA) in respect of the uncontested election of directors (subsection 9.4(6) of National Instrument 51-102 Continuous Disclosure Obligations).
The exemption removes any ambiguity regarding the options to be presented to shareholders to elect directors. In accordance with subsection 54.1(2) of the Canada Business Corporations Regulations, shareholders have the option to vote either "for" or "against" each candidate nominated for director.
Related information
The CSA exempts CBCA-incorporated reporting issuers from director election form of proxy requirement