Sagen MI Canada Inc. shareholders approved all proposed resolutions at the company’s annual general meeting held on Wednesday, the mortgage insurance company announced.
The Toronto Stock Exchange-listed company reported that voting results showed strong support for management’s recommendations across all agenda items.
Shareholders elected all 11 nominees to the board of directors, though vote tallies revealed varying levels of support among candidates.
Dana Ades-Landy and Neil Parkinson received unanimous approval with 100% of votes cast in their favor. Rajinder Singh garnered nearly universal support at greater than 99.99% approval.
Several directors faced more significant opposition. Erson Olivan received the lowest support level at 86.25%, with 181,713 votes cast against his election. Sophia Chen, Meggie Daoust, Stuart Levings, Philip Mayers, and Michael Penner each received approximately 88.48% support, with roughly 152,000 votes cast in opposition to their appointments.
Sharon Giffen secured 99.96% approval with only 560 votes against, while David Planques received 94.61% support with 71,259 opposing votes.
Shareholders overwhelmingly approved the reappointment of Ernst & Young LLP as the company’s auditors. The resolution passed with greater than 99.99% support, receiving only 45 withheld votes.
Under the company’s articles of incorporation, each Class A Common Share carries one vote per share, while each Class A Preferred Share, Series 1 carries 0.1448 votes per share.
As of the meeting’s record date, outstanding Common Shares represented approximately 64.99% of the aggregate voting rights attached to the company’s issued and outstanding voting securities.
The detailed voting results demonstrate active shareholder participation in the company’s governance process, with total votes cast exceeding 1.3 million across the director elections.
Sagen MI Canada Inc., through its subsidiary Sagen Mortgage Insurance Company Canada, is a large private residential mortgage insurer in Canada with $6.8 billion in total assets as of March 31, 2025.
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