The Company’s majority voting policy provides that any nominee who receives a greater number of votes “withheld” than votes “for” his or her election by the holders of Class A Non-Voting Shares in an uncontested election of directors will tender his or her resignation to the Board promptly following the annual meeting of shareholders.
The Company has not adopted a majority voting policy with respect to the election of directors by the holders of Common Shares. The Company relies on an exemption from the TSX’s majority voting requirements available to listed issuers that are controlled by a security holder that beneficially owns, or controls or directs, directly or indirectly, voting securities carrying 50% or more of the voting rights for the election of directors as of the applicable record date.