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Mapping a corporate governance exchange: a survey of Canadian shareholder resolutions 2000--2009

Taylor R. Gray

Journal of Sustainable Finance & Investment, 2011, vol. 1, issue 1, 30-43

Abstract: The landscape of shareholder resolutions within an economy provides insight into the various perspectives as to what constitutes appropriate corporate forms and functions. This landscape arises from a community of practice and amounts to a public corporate governance exchange. Analysis of all shareholder resolutions filed with Canadian corporations from 2000 to 2009 reveals that Canada's distinctly multi-jurisdictional model of corporate governance and preponderance of block holdings serve to significantly limit the corporate governance exchange. Compounding such limitations is the tendency of large Canadian institutional shareholders to refrain from engaging in the public corporate governance exchange, thereby shrouding the behaviour of some of the most potentially influential flows of finance. Interestingly, Canadian shareholders engage in issues across 25 distinct themes relating to corporate environmental, social and/or governance performance while favouring the latter. Perhaps most consequentially, however, the public Canadian corporate governance exchange is distinctly multi-jurisdictional, thereby indicating potential regional divergence.

Date: 2011
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DOI: 10.3763/jsfi.2010.0005

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