The country has lagged the rising trend of activism seen globally, but that could be about to change, lawyers say.
Some 53 Canadian companies faced activism campaigns in 2022, a 17.8% rise over the previous year, compared with a 10.6% rise in the U.S to 511, showed data from Insightia, a Diligent brand.
Previously, shareholders could only vote 'for' a candidate or 'withhold' their vote, meaning a majority was not legally a necessity.
While not enshrined in law, majority voting was often adopted by companies in their policy, prior to the change.
And oil and mining companies could continue to be the sector that faces activism, say market participants.