Shareholder Democracy in Canada

42 Pages Posted: 20 Nov 2010

See all articles by Randall Morck

Randall Morck

University of Alberta - Department of Finance and Statistical Analysis; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI); Asian Bureau of Finance and Economic Research

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Date Written: November 15, 2010


The federal government stands poised to exercise its constitutional right to regulate financial markets, an area traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various federal securities regulation models are weighted in light of the current state of their needed complementary institutions. One option, for which Canada is relatively well prepared, is the British model of activist independent institutional investors and mandatory takeover bids.

Keywords: Corporate Governance, Canada, Securities Law

JEL Classification: G3, G38, G23, K22, N22, P5

Suggested Citation

Morck, Randall K., Shareholder Democracy in Canada (November 15, 2010). Available at SSRN: or

Randall K. Morck (Contact Author)

University of Alberta - Department of Finance and Statistical Analysis ( email )

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