A KEY inquiry into the London Stock Exchange’s merger with Canada’s TMX Group has recommended the Toronto bourse appoint more directors, but did not oppose the proposed tie-up marking the first hurdle for its approval.
The Ontario government committee reviewing the deal plans said an equal number of directors should be appointed. Under the current proposals, TMX would only hold seven of the 15 board positions in the combined group.
The legislative group made nine recommendations for the Canadian federal government and the Ontario Securities Commissions to consider, although said it had no power to impose its views on the deal.
The Ontario government plans to submit the report to the federal government’s industries ministry, one of several agencies required to approve the transaction.