Canadian Pacific has a culture of strong corporate governance and follows leading policies and practices. As a US and Canadian listed company, we regularly review these policies and practices to ensure all corporate governance obligations have been met or exceeded and to make changes and improvements where appropriate. Highlights include:P>
CP's corporate governance practices are consistent with all applicable Canadian regulatory guidelines and standards. As a foreign private issuer whose securities are listed on the New York Stock Exchange (the "NYSE"), CP is not required to comply with most of the NYSE's corporate governance standards (the "NYSE Rules") and instead may comply with Canadian corporate governance practices, including the requirements of the Toronto Stock Exchange. However, CP's corporate governance practices incorporate many best practices derived from the NYSE Rules and there are no significant differences between CP's corporate governance practices and the NYSE Rules except that, consistent with Canadian practice and requirements, CP does not seek shareholder approval for equity compensation plans and material amendments thereto unless they involve newly issued securities. NYSE Rules require shareholder approval of all equity compensation plans and any material revisions to such plans.
Standards and guidelines concerning corporate governance will continue to evolve in Canada and the United States, and CP will continue to monitor these closely.