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Is CEO Pay Ratio Disclosure Coming to Canada?

July 23, 2014

INTRODUCTION Last year, the U.S. Securities and Exchange Commission (SEC) approved a proposal that would require U.S. public companies to disclose the ratio of CEO annual compensation to median employee annual compensation. Similarly, the European Commission is proposing the adoption of rules requiring certain publicly traded companies to report CEO pay ratios.   Proposals to use and disclose vertical benchmarking…

Canada and U.K. Agree to Protocol to Amend Tax Treaty

July 22, 2014

On July 21, 2014, a protocol (Protocol) to amend the Canada-U.K. tax treaty (Treaty) was signed in London, England. Negotiations to update the Treaty had been ongoing since the fall of 2011. Key provisions of the Protocol include the following:   The Protocol will generally eliminate the ability of source states to impose withholding tax on interest paid to a…

Important Developments in Canadian Competition Law

July 21, 2014

COMMISSIONER EMPHASIZES IMPORTANCE OF COMPETITION LAW COMPLIANCE On July 3, 2014, Commissioner John Pecman participated in the Canadian Competition Law Compliance Workshop in Toronto, Canada. The workshop, hosted by Blakes and chaired by Brian Facey, Chair of the Blakes Competition, Antitrust & Foreign Investment group, was a collaborative effort of the International Chamber of Commerce, the Canadian Chamber of Commerce,…

Alert: Ontario Reintroduces 2014 Budget with Provisions Affecting Pensions

July 15, 2014

On July 14, 2014, the Ontario government reintroduced its budget that it had originally tabled on May 1, 2014, which lists a number of key pensions-related matters, including the introduction of the Ontario Registered Pension Plan that supplements the Canada Pension Plan; a legislative framework for Pooled Registered Pension Plans; consultation on target benefit plans; reforms for defined benefit pension…

Horns Locked Between Investors and Issuers Over Proxy Advisory Firm Regulation

July 14, 2014

In our May 2014 Blakes Bulletin: CSA’s Light Touch Proxy Advisory Firm Proposal May Disappoint Issuers, we predicted that the Canadian Securities Administrators’ (CSA) proposed National Policy 25-201 – Guidance for Proxy Advisory Firms (Proposed Policy) might disappoint Canadian issuers. The proposed guidelines have provoked lively criticism from not only issuers, but also institutional investors and their associations, with both…

Ontario Can “Take Up” Lands Under Treaty 3 Without Seeking Federal Approval

July 11, 2014

Today, the Supreme Court of Canada (SCC) released its decision in the Keewatin case, confirming that Ontario can “take up” lands in Treaty 3, in northwestern Ontario, without requiring preapproval from the federal government. This decision confirms that the provinces retain jurisdiction, as defined in the Constitution, over land ceded to the Crown by treaty with First Nations. The court…

Saskatchewan and New Brunswick Join the Cooperative Capital Markets Regulatory System

July 10, 2014

On July 9, 2014, the federal Canadian government and the Saskatchewan and New Brunswick provincial governments entered into an amended agreement in principle (the Agreement) to join the Cooperative Capital Markets Regulatory System (the Cooperative System). This amends the September 19, 2013, agreement in principle among the federal government and the British Columbia and Ontario provincial governments to establish the…

The CSA Extend Elements of Mutual Fund Regulation to Closed-End Funds

July 9, 2014

  On June 19, 2014, the Canadian Securities Administrators (CSA) published the final instalment of the amendments (Amendments) to National Instrument 81-102 (NI 81-102) and the Companion Policy 81-102 CP (CP) (and consequential amendments to other instruments) bringing to an end stage one of Phase 2 of the CSA’s Modernization of Investment Fund Product Regulation Project (Modernization Project). The key…

No Holiday for Employers: Summer Legislative Update

July 9, 2014

2014 MINIMUM WAGE INCREASES Ontario Increases Minimum Wage   On June 1, 2014, the general minimum wage in Ontario became C$11 per hour. This is reflected in amendments to Regulation 285/01 of the Employment Standards Act, 2000. The regulation also provides the minimum wage rates for students, liquor servers, homeworkers and hunting/fishing guides, which also increased effective June 1, 2014. What…

​Augusta’s Rights Plan – BCSC Releases Reasons for Decision

July 8, 2014

On June 27, 2014, the British Columbia Securities Commission (BCSC) released the reasons for its May 2, 2014 decision declining to immediately cease trade the shareholder rights plan (also known as a “poison pill”) of Augusta Resource Corporation (Augusta) in the face of a hostile take-over bid for Augusta made by HudBay Minerals Inc. (Hudbay). In its decision, the BCSC…

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