25-201, Guidance for Proxy Advisory Firms

Effective date:

April 30, 2015

Published by the CSA:

April 30, 2015


The Policy Statement provides guidance on recommended practices and disclosure for proxy advisory firms. The guidance contained in the Policy Statement is intended to:

  1. promote transparency in the processes leading to vote recommendations and the development of proxy voting guidelines; and
  2. foster understanding among market participants about the activities of proxy advisory firms.

The Policy Statement addresses the following areas:

  • identification, management and mitigation of actual or potential conflicts of interest;
  • transparency and accuracy of vote recommendations;
  • development of proxy voting guidelines;
  • communications with clients, market participants, other stakeholders, the media and the public.

Recent developments




April 30, 2015

Publication of Policy Statement 25-201

Although the Policy Statement applies to all proxy advisory firms, the guidance contained in the Policy Statement is not intended to be prescriptive. Instead, the CSA encourage proxy advisory firms to consider this guidance in developing their own practices and disclosure.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For further details on the history of this Instrument, please refer to the OSC’s Web site.

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