TORONTO (Reuters) - Toronto-based financial communications firm Bayfield Strategy Inc said on Friday it has spun off a venture, Evolution Proxy Inc, to offer proxy solicitation services to companies and activist hedge funds.
Both Evolution Proxy and Bayfield are led by Riyaz Lalani, a former senior executive at Canadian proxy solicitation firm Kingsdale Shareholder Services.
Shareholder activism has become more frequent in Canada, activist funds have grown and they are more ambitious.
Companies and activists hire proxy solicitation firms to advise on issues such as proxy battles, hostile takeovers and corporate governance.
“Canadian companies want to work with one-stop shops,” Lalani said. “They want to get both communications and proxy solicitation advice in one package.”
Other proxy solicitation providers in Canada include D.F. King, Shorecrest Group and Laurel Hill Advisory Group.
Reporting by John Tilak; editing by Grant McCool