Shareholder Activism (LAW468H1F)

Shareholders are becoming increasingly sophisticated and aggressive in seeking influence over the governance of Canadian publicly-traded companies. This course will focus on the theory and practice of shareholder activism and its regulation under Canadian corporate and securities laws. After discussing the role of the shareholder in the corporation, we will examine the different players in the shareholder activism landscape (e.g. hedge funds, NGOs, pension funds) and their motivations. We will then examine, using topical case studies, the principal tools employed by activist shareholders to exert influence over a company: requisitions of shareholder meetings, proxy contests, oppression claims, complaints brought to securities regulators and shareholder proposals (including proposals regarding executive compensation, voting policies, poison pills and corporate social responsibility). Speakers representing different dimensions of the shareholder activism landscape will participate in the seminar.