Q: Hello 5i Team
It is that time of year when I start receiving the proxy materials for votes at the upcoming annual meeting.
One thing that I have noticed is the US companies mail out a simple 5 1/2" x 8 1/2" envelope with two pieces of paper, the meeting information notice and the voting instructions. Every thing else the management proxy circular and the annual report you have to download from the internet. This results in a small mailing and keeps the costs down.
The Canadian companies mail out an 8 1/2" x 11" package containing the voting instructions, an envelope, a flyer advertising "paperless" steps, sometimes the management proxy instructions and particularly the Canadian Banks a copy of the annual report. All this "excess" paper drives up costs for the companies (and reduces profit for investors).
I prefer the US system where the mailing is kept to the minimum. I am not interested in receiving the proxy notice via email as the Canadian system prefers to register each individual security with "Investor Vote" or the other Proxy companies. If I use the "paperless" option I have to register each individual security, which is confusing.
The two questions are:
1 - Why cannot the Canadian companies do what the US companies do? Is this a difference between the Security and Exchange Commission (SEC) in the US and the Canadian Security Commissions (all 13 of them !!!)
2 - Why can't the brokerage houses send me the notifications via their electronic system, just like they do with trade notifications and statements. I will be sending this question to my self-directed (discount) brokerage provider.
Thanks again for the excellent work.
It is that time of year when I start receiving the proxy materials for votes at the upcoming annual meeting.
One thing that I have noticed is the US companies mail out a simple 5 1/2" x 8 1/2" envelope with two pieces of paper, the meeting information notice and the voting instructions. Every thing else the management proxy circular and the annual report you have to download from the internet. This results in a small mailing and keeps the costs down.
The Canadian companies mail out an 8 1/2" x 11" package containing the voting instructions, an envelope, a flyer advertising "paperless" steps, sometimes the management proxy instructions and particularly the Canadian Banks a copy of the annual report. All this "excess" paper drives up costs for the companies (and reduces profit for investors).
I prefer the US system where the mailing is kept to the minimum. I am not interested in receiving the proxy notice via email as the Canadian system prefers to register each individual security with "Investor Vote" or the other Proxy companies. If I use the "paperless" option I have to register each individual security, which is confusing.
The two questions are:
1 - Why cannot the Canadian companies do what the US companies do? Is this a difference between the Security and Exchange Commission (SEC) in the US and the Canadian Security Commissions (all 13 of them !!!)
2 - Why can't the brokerage houses send me the notifications via their electronic system, just like they do with trade notifications and statements. I will be sending this question to my self-directed (discount) brokerage provider.
Thanks again for the excellent work.
