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Now it’s over to the CSA and here’s a prediction: it will 100 per cent side with the public interest argument and ban them.These Terms of Use along with Terms of Service (collectively, the “ User Agreement“) constitute a legally binding agreement made between you and website as well as mobile application. But it declined to exercise its public interest jurisdiction, in part because the practice doesn’t violate securities laws. In 2017, the Alberta Securities Commission was asked to intervene. Hall noted the broker-client relationship is “based on trust and that trust should not be manipulated by offering skewed incentives.”Īmy Freedman, Kingsdale’s chief executive, reinforced the firm’s policy stance by noting when brokers are paid fees to secure a result “the potential for conflicts of interest, board entrenchment, and exploitation of the integrity of the proxy voting process exists.”Īccordingly, Freedman said given “the conflicted position” the issuer initiating the arrangement is in, “the requirements that could make soliciting dealer arrangements permissible are unachievable in practical terms.” SDAs seem to make it impossible to achieve neutrality in a proxy fight.įor M&A transactions, Freedman said, “it’s more socially acceptable” to incorporate SDAs, in part because it may help solve the core problem: how do issuers get in touch with all shareholders some of whom chose to disguise their ownership. This advertisement has not loaded yet, but your article continues below.
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