Alberta regulator asked to rule on Liquor Stores’ bid to pay brokers to solicit proxy votes [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Alberta regulator asked to rule on Liquor Stores’ bid to pay brokers to solicit proxy votes The highly controversial practice of paying brokers to solicit proxy votes from their clients but only paying them if the management nominees are elected as directors is now before the Alberta Securities Commission. That’s the state of play in the proxy battle at Calgary-based Liquor Stores NA, where the dissident group led by Toronto-based PointNorth Capital on Tuesday filed an application with the regulator. The dissidents — who own just under 10 per cent of the liquor retailer and who have nominated six people to sit on the eight person board — calls the practice “vote buying” and argues it’s against the public interest. It said it “feels strongly that vote buying in support of board entrenchment is an improper defensive tactic for boards to use in opposition to shareholder initiated changes to board composition.” PointNorth wants the regulator to stop the practice, which has been used in at
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