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It has long been an open secret that Canada’s shareholder voting system is broken, but until it caused a mess at a name-brand company, nobody would get around to fixing it.
Well, it might just happen. Two of Canada’s biggest corporations face contested votes in coming days: Telus Corp. on Wednesday and Canadian Pacific Railway Ltd. on May 17. Telus wants to collapse its dual-share structure, but a hedge fund is challenging the plan. CP is trying to fend off activist investor Bill Ackman, who wants to replace a good chunk of the board.
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