"The Grey Area of Proxies: Court Clarifies Voting Rights in Proxy Contests", Legal Post, October 2010

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"The Grey Area of Proxies: Court Clarifies Voting Rights in Proxy Contests", Legal Post, October 2010

Author(s): Fleming, Matthew, Schafler, Michael

Date: October 27 2010

Until very recently, there was little if any guidance from the courts as to the scope of a proxy holder’s voting discretion in circumstances where the instruction is to “withhold” voting for the management slate of directors. This changed on Sept. 27, 2010, when the Ontario Superior Court of Justice handed down its decision in Mason v. Augen Capital Corp. 2010 ONSC 5319. The proceeding was started immediately after a shareholder meeting of Augen Capital Corp. (“Augen”), during the course of which the chair had disregarded a ballot cast by a proxy holder (Mr. Mason). Consequently, the slate of directors favoured by management prevailed over an alternative slate proposed by Mr. Mason.

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