On December 19, 2023, ISS released its 2024 Policy Guidelines for Canada. Below is a summary of the voting policy updates and clarifying amendments which will take effect for all meetings held after February 1, 2024. ISS’ 2024 Policy Update can be found here.

We are pleased to share Laurel Hill’s 2023 Trends in Shareholder Activism Report covering the latest information and data on board and transactional activism, unsolicited offers, and short–selling activism. The rise in shareholder activism in Canada this year has been spectacular. Increased market volatility and uncertainty, coupled with soaring interest rates causing distress in certain sectors and increasing the cost of capital, has exposed many companies and provided a very fertile ground for activism. Shareholder appetite to seek board change at underperforming companies, to rally fellow shareholders to oppose “undervalued” or “ill–conceived” M&A transactions, or to make other public demands has simply been voracious. Please contact Laurel Hill with any questions on the report or to speak on your shareholder activism needs.

We are pleased to share Laurel Hill's 2023 Trends in Corporate Governance Report. Since 2015, we have tapped into our team’s industry-leading expertise and observations to publish a comprehensive annual report outlining the key trends, risks, and challenges in corporate governance and shareholder activism. This year, owing to the ever-increasing scope and volume of our traditional annual report, we will be publishing two distinct reports.