“Canada's regulations and standards make the region attractive for activist campaigns. Canada is particularly attractive for smaller activist funds which have recently enjoyed a great deal of success targeting smaller material focused companies.”
Jay Frankl, Senior Managing Director
Country:
Canada
Average % of insider ownership:
To learn more about this country, please click on the tabs below
With a regulatory environment that is viewed as more activist-friendly than the United States, Canada is the second most likely jurisdiction for activism and has increasingly attracted investments from its southern neighbor. The country largely boasts investment opportunities within the mining and energy sectors and as such has seen environmental activism significantly increase over the last few years.
In addition, Canada’s pension funds have changed their conservative ways, becoming increasingly involved in corporate governance and say-on-pay proposals.
The recent movement to support gender diversity has also resulted in increased awareness of female representation on boards of directors.
Shareholders must disclose a press release and warning report, upon acquiring 10 percent or more of an outstanding class of shares within two business days; additional disclosure is required when adding 2 percent to the ownership above.
Like the United States, Canadian regulations allow for looser 13G-type disclosure when an investor does not intend to influence the strategic direction of the company.
Few corporate defense options are available to Canadian companies. One such example is that shareholders vote annually on all directors and this permits the full board to be removed in one voting period.
Top Campaigns by Type
1. Gain Board Representation
2. Remuneration
3. Lack of/Inaccurate information from Company
Campaigns By Year
Total
Campaigns
Notable Invested Activists
• Mouvement d’éducation et de défense des actionnaires (MÉDAC)
• West Face Capital
• Pershing Square Capital Management
Recent activism campaigns
| SunOpta Inc. | VS. |
West Face Capital |
| Bombardier Inc | VS. |
British Columbia Investment Management Corporation |
| Valeant Pharmaceuticals International, Inc. | VS. |
Pershing Square Capital Management |
Total Active
Campaigns
Contact FTI Consulting
Capital Markets Research and Activist Engagement
Managing Director
+1 312 861 4721
Geoff.Serednesky@FTIConsulting.com
Americas Head of Capital Markets Communications
Senior Managing Director
+1 (312) 553 6707
Bryan.Armstrong@fticonsulting.com