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Lawyer Carol Hansell says that despite the CSA proposal, there is no quick fix for a system that has serious problems.
Lawyer Carol Hansell says that despite the CSA proposal, there is no quick fix for a system that has serious problems.
(J.P. MOCZULSKI For The Globe and Mail)

Regulators take aim at shareholder votes

After a year of high-profile corporate proxy battles, securities regulators are taking steps toward fixing Canada’s flawed and complicated system for recording shareholder votes – a system that many say produces inaccurate results.

Naizam Kanji, deputy director of mergers and acquisitions at the Ontario Securities Commission, says there is a growing consensus about the need to simplify the complex process, which involves a web of institutions and intermediaries. The idea is to create a new “end-to-end reconciliation system” to verify that shareholder votes are correctly received and recorded at company meetings.