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Yesterday, Canadian Pacific announced it recently received the Governance Gavel Award for Director Disclosure from the Canadian Coalition for Good Governance (CCGG), which promotes good governance practices among Canadian companies.

The award recognizes excellence in shareholder communications, particularly through an annual proxy circular. A company's disclosure is judged against best practices as defined by the CCGG.

"This award recognizes our ongoing efforts to ensure the timeliness, clarity and transparency of communications with our shareholders," said CP Executive Vice President and Chief Financial Officer Kathryn McQuade in a prepared statement.