Bayfield Strategy Starts Canadian Proxy Advisory Firm
By Scott Deveau, Bloomberg Business
Bayfield Strategy Inc., a financial communications firm, is starting a proxy solicitation company called Evolution Proxy Inc.
Evolution Proxy will be co-led by industry veterans Riyaz Lalani as president, and Chang Park as chief operating officer, the Toronto-based company said Friday in a statement. Lalani will continue to serve as Bayfield’s CEO.
"The Canadian proxy industry continues to be plagued by a narrow and dated approach to winning votes," Bayfield said in the statement. "A typical shareholder can expect a hyperbolic proxy circular and a barrage of phone calls. Amid this chaos, the value proposition to shareholders is simply not getting through. Something has to change."
Evolution Proxy will compete for business against firms in Canada including Kingsdale Shareholder Services Inc., D.F. King & Co., and Georgeson Inc. Its specialty will be combining financial communications with proxy services, the company said.