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Please note that CNW noticed a mistake in c2996 sent at 7:16 ET today. This release revises and replaces the previous version sent. Independent proxy advisory firm ISS recommends shareholders vote for TELUS' share exchange proposal
ISS concludes that "support for this proposal is warranted for both classes" of TELUS shareholders
Oct. 1, 2012 /CNW/ - Institutional Shareholder Services Inc. (ISS), a leading independent global proxy advisory services firm, is recommending that shareholders vote in favour of TELUS' proposal to exchange its non-voting shares into common shares on a one-for-one basis. ISS is an independent proxy advisory firm relied upon by institutional investors for advice regarding significant shareholder votes.
ISS stated, "This proposal represents another meaningful step forward in the company's governance regime, in resuscitating the principle that voting rights should be commensurate with economic interest…As the proposed transaction continues to align voting rights with economic interest, offers shareholders meaningful economic opportunity through increased trading liquidity and a dual listing on the NYSE, and has been ratified by a strong market response - and as the company's Articles effectively preclude any exchange ratio other than the proposed one-for-one exchange - a vote FOR the proposal is warranted."
"This recommendation from a trusted neutral expert on corporate governance and proxy voting confirms that TELUS' proposal is fair and beneficial to all shareholders, and is consistent with the principles of good corporate governance and shareholder democracy," said
Darren Entwistle, TELUS President and CEO. "We ask all of our shareholders to support our proposal, casting their votes for good governance and the value-creating benefits fostered by collapsing our share structure into one class of shares."
Both ISS and Glass Lewis & Co., the other major global leading governance and proxy advisory services firm, recommended twice before (in initial and updated reports) in favour of a similar proposal TELUS put forward earlier this year. Prior to withdrawing its previous proposal, TELUS had the overwhelming support of its shareholders - excluding Mason, 92.4 per cent of total shares received were in favour of the proposal. This latest recommendation from ISS represents the third time it has supported TELUS' objective to move to a single class of outstanding shares via a one-for-one exchange ratio.