TORONTO, Feb. 13, 2014 /CNW/ - Toronto Stock Exchange (TSX) today
announced that it has received notice of approval from the Ontario
Securities Commission to proceed with amendments to the TSX Company
Manual, mandating TSX issuers adopt majority voting.
The amendments require each director of a TSX-listed issuer, other than
of a majority controlled issuer, be elected by a majority of the votes
cast with respect to his or her election other than at contested
meetings.
In 2012, TSX implemented changes to director election rules that, among
other things, required directors to be elected individually. The
majority voting requirement now makes directors more accountable to
security holders and gives security holders a stronger voice in
electing directors.
"Toronto Stock Exchange is committed to improving corporate governance
standards in Canada and believes the new amendments provide
shareholders with important rights," said Kevan Cowan, President, TSX
Markets and Group Head of Equities, TMX Group. "By mandating majority
voting, TSX believes transparency is enhanced and the dialogue between
issuers, security holders and other stakeholders is improved."
"TMX Group is Canada's leading marketplace and we provide thought
leadership in corporate governance," said Tom Kloet, CEO, TMX Group.
"The changes we announced today reflect our commitment to further
enhancing Canada's reputation and international position in this area."
The amendments will become effective for listed issuers on June 30,
2014. The final rules can found on www.tmx.com.
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and
clearinghouses for multiple asset classes including equities, fixed
income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX
Select, Alpha Group, The Canadian Depository for Securities, Montreal
Exchange, Canadian Derivatives Clearing Corporation, Natural Gas
Exchange, BOX Options Exchange, Shorcan, Shorcan Energy Brokers,
Equicom and other TMX Group companies provide listing markets, trading
markets, clearing facilities, depository services, data products and
other services to the global financial community. TMX Group is
headquartered in Toronto and operates offices across Canada (Montreal,
Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston
and Chicago) as well as in London, Beijing and Sydney. For more
information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.
SOURCE TSX Group Inc.
