On September 19 we included in our Daily E-mail a Survey dealing with Toronto Stock Exchange (‘TSX’) proposed ‘Corporate Director Election’ Policy Rule Changes.  The TSX invited public feedback.  Today, in accord with the TSX request, I sent a letter to Michal Pomotov, Legal Counsel, The Toronto Stock Exchange.  I appended a PDF of the Survey Results, and copies of the comments made by Survey Participants to that letter.  Given StockResearchPortal.com’s privacy policies those comments were not attributed to specific Respondents, nor were Respondents names or e-mail addresses included.

There were 144 Survey completions, which I believe suggests statistical validity of +/-3% for our website Subscriber population.  The Survey asked five questions.  The Survey Results are as follows:

• of 144 Respondents, 139 (96.5%) directly or indirectly owned shares listed on the Toronto Stock Exchange;

• of 144 Respondents, 113 (78.4%) directly or indirectly owned shares listed on other Stock Exchanges;

• 142 Respondents, given choice of selecting from a ‘Strong No Vote’ (1 ranking) to a ‘Strong Yes Vote’ (5 ranking), generated a weighted average ‘Yes Vote’ of 4.4 out of 5.0 in favour of being allowed to cast votes for individual directors.  35 of those 142 Respondents commented on this Proposal;

• 142 Respondents, given choice of selecting from a ‘Strong No Vote’ (1 ranking) to a ‘Strong Yes Vote’ (5 ranking), generated a weighted average ‘Yes Vote’ of 4.0 out of 5.0 in favour of a Proposal that Company Boards could no longer be staggered with different directors up for election in different years.  27 of those 142 Respondents commented on this Proposal; and,

• 140 Respondents, given choice of selecting from a ‘Strong No Vote’ (1 ranking) to a ‘Strong Yes Vote’ (5 ranking), generated a weighted average ‘Yes Vote’ of 4.2 out of 5.0 in favour of a Proposal that would require companies to disclose in their annual proxy circulars whether they have adopted a majority voting policy.  18 of those 140 Respondents commented on this Proposal.

You can read my letter to Mr. Pomotov, and review the Survey Results.  I have invited Mr. Pomotov to contact me, and it will be interesting to see if he does that.

As I am sure you have figured out, both Corporate Governance and Corporate Social Responsibility are high on my list of what I think is ‘corporately important’.  As further ‘Corporate Governance Survey Opportunities’ arise we will be asking you, a group I think is a particularly well informed with strong vested interests, for your views and opinions.

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