The Ontario Securities Commission (OSC) Tuesday announced its plans for a roundtable to further examine issues surround the integrity and reliability of the proxy voting system.
The meeting has been scheduled for Jan. 29, 2014 at the OSC’s offices in Toronto. It’s planning to organize a panel that will feature perspectives from issuers, investors and other financial industry stakeholders.
The panellists will be selected based on comments submitted on CSA Consultation Paper and Request for Comment 54-401 Review of the Proxy Voting Infrastructure, which was released earlier this year on the issue. Comments are due by Nov. 13. The OSC plans to contact prospective panellists to speak to points raised in their submissions.
“Panellists will be selected in such a way as to reflect the diversity of views on the subject and present a balanced debate,” it says, adding that it expects to issue a notice by Jan. 8, 2014 with the final agenda and list of panellists.
The OSC notes that other jurisdictions may hold their own consultations on these issues too.
The role played by proxy advisory firms is also a source of regulatory concern. Earlier this year, the CSA said that its consultations in that area have led it to conclude that a CSA response is warranted in that area too. The CSA said it is developing a policy-based approach that would give guidance on recommended practices and disclosure for proxy advisory firms, which it intends to publish for comment in the first quarter of 2014.
Also Tuesday, the U.S. Securities and Exchange Commission (SEC) announced that it will host a public roundtable to discuss the use of proxy advisory services by institutional investors and investment advisers. The roundtable will be held at the SEC’s Washington, D.C. headquarters on December 5. Its agenda will be issued shortly.