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Canadian shareholders engage with U.S.-style proxy access

Overview

Shareholders of the Toronto-Dominion Bank ("TD Bank") and the Royal Bank of Canada ("RBC") voted in the last few weeks on shareholder proposals made to confer additional proxy access rights to shareholders in the nomination of directors to the respective boards of the banks. TD Bank shareholders voted in favour of the proposal; RBC shareholders voted against the proposal.

Some Canadian observers gushed over "history being made", shareholders "drawing first blood", and the "floodgates" being opened to further proposals. And to a degree, it is true that these are notable developments in Canada.