# EDGAR Filing Document

**Accession Number:** 0001765768
**File Stem:** 0000945621-25-000775
**Filing Date:** 2025-8
**Character Count:** 43220
**Document Hash:** 97bafaef15428d69439e1aded84415ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945621-25-000775.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0000945621-25-000775

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**EFFECTIVENESS DATE**: 20250818

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Galibier Capital Management Ltd.
- **CENTRAL INDEX KEY:** 0001765768

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19119
- **FILM NUMBER:** 251227351

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 80 RICHMOND STREET WEST, SUITE 1100
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5H 2A4
- **BUSINESS PHONE:** 416.867.1234

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 80 RICHMOND STREET WEST, SUITE 1100
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5H 2A4

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001765768

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Galibier Capital Management Ltd.

**Address:** 80 RICHMOND STREET WEST, SUITE 1100, TORONTO, A6 M5H 2A4

**Telephone number:** 416-867-1234

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-19119

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                           | CUSIP   | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| V.F. CORPORATION                         |  | 07/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         146759 |                0 | For         |                                   146759 | FOR                         |  |
| CAE INC.                                 |  | 08/14/2024     | Approving the advisory (non-binding) resolution accepting the approach to executive compensation disclosed in the Information Circular.                                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         942830 |                0 | For         |                                   942830 | FOR                         |  |
| ALIMENTATION COUCHE-TARD INC.            |  | 09/05/2024     | On an advisory basis and not to diminish the role and responsibilities of the board of directors that the shareholders accept the approach to executive compensation as disclosed in our 2024 management information circular.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         452934 |                0 | For         |                                   452934 | FOR                         |  |
| NIKE, INC.                               |  | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          15400 |                0 | For         |                                    15400 | FOR                         |  |
| OPEN TEXT CORPORATION                    |  | 09/12/2024     | The non-binding Say-on-Pay Resolution, the full text of which is included in the Circular, with or without variation, on the Company's approach to executive compensation, as more particularly described in the Circular.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         381364 |                0 | Against     |                                   381364 | AGAINST                     |  |
| EMPIRE COMPANY LIMITED                   |  | 09/12/2024     | Vote for or against the advisory resolution on the Company's approach to executive compensation as set out in the Information Circular of the Company.                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         784603 |                0 | For         |                                   784603 | FOR                         |  |
| MICROSOFT CORPORATION                    |  | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           2058 |                0 | For         |                                     2058 | FOR                         |  |
| THE GREENBRIER COMPANIES, INC.           |  | 01/09/2025     | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          79448 |                0 | For         |                                    79448 | FOR                         |  |
| APPLE INC.                               |  | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           4235 |                0 | For         |                                     4235 | FOR                         |  |
| ENGHOUSE SYSTEMS LIMITED                 |  | 03/10/2025     | Acceptance of the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         162800 |                0 | Against     |                                   162800 | AGAINST                     |  |
| AIR CANADA                               |  | 03/31/2025     | ADVISORY VOTE ON EXECUTIVE COMPENSATION CONSIDERATION AND APPROVAL IN AN ADVISORY, NON-BINDING CAPACITY OF A RESOLUTION, IN THE FORM SET OUT IN SCHEDULE "A" OF THE MANAGEMENT PROXY CIRCULAR, IN RESPECT OF AIR CANADA'S APPROACH TO EXECUTIVE COMPENSATION, AS MORE PARTICULARLY DESCRIBED IN THE MANAGEMENT PROXY CIRCULAR.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         552190 |                0 | For         |                                   552190 | FOR                         |  |
| CANADIAN IMPERIAL BANK OF COMMERCE       |  | 04/03/2025     | Advisory resolution regarding our executive compensation approach                                                                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         370066 |                0 | For         |                                   370066 | FOR                         |  |
| EQB INC.                                 |  | 04/09/2025     | Advisory vote on non-binding resolution on executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          57500 |                0 | For         |                                    57500 | FOR                         |  |
| ROYAL BANK OF CANADA ("RBC")             |  | 04/10/2025     | Advisory vote on the Bank's approach to executive compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           3910 |                0 | For         |                                     3910 | FOR                         |  |
| WEST FRASER TIMBER CO. LTD.              |  | 04/23/2025     | To pass an advisory resolution to approve the Company's approach to executive compensation, as more particularly described under "Advisory Resolution on the Company's Approach to Executive Compensation (Say on Pay)" in the accompanying Information Circular.                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         146454 |                0 | For         |                                   146454 | FOR                         |  |
| AGNICO EAGLE MINES LIMITED               |  | 04/25/2025     | Consideration of and, if deemed advisable, the passing of a non-binding, advisory resolution accepting the Company's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         303289 |                0 | For         |                                   303289 | FOR                         |  |
| CANADIAN PACIFIC KANSAS CITY LIMITED     |  | 04/30/2025     | Advisory vote to approve the Corporation's approach to executive compensation as described in the Proxy Circular.                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         183783 |                0 | For         |                                   183783 | FOR                         |  |
| BADGER INFRASTRUCTURE SOLUTIONS LTD.     |  | 04/30/2025     | To accept the approach to executive compensation disclosed in the accompanying Management Information Circular.                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         140200 |                0 | For         |                                   140200 | FOR                         |  |
| EQUINOX GOLD CORP.                       |  | 05/01/2025     | To consider, and if deemed advisable, to pass an ordinary resolution that the Company's shareholders accept the approach to executive compensation as more particularly described in the Company's Management Information Circular.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         570000 |                0 | For         |                                   570000 | FOR                         |  |
| SPIN MASTER CORP.                        |  | 05/01/2025     | Non-Binding Advisory Resolution on the Company's Approach to Executive Compensation To consider and, if appropriate, to approve the Company's approach to executive compensation, as more particularly set forth in the Company's management information circular dated March 10, 2025(the "Circular").                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         134923 |                0 | For         |                                   134923 | FOR                         |  |
| CANADIAN NATIONAL RAILWAY COMPANY        |  | 05/02/2025     | Non-binding advisory resolution (the full text of which is set out on page 15 of the Information Circular) to accept the approach to executive compensation disclosed in the Information Circular.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           2200 |                0 | For         |                                     2200 | FOR                         |  |
| ELEMENT FLEET MANAGEMENT CORP.           |  | 05/02/2025     | To consider and, if thought advisable, to approve, a non-binding advisory resolution on the Corporation's approach to executive compensation as set out in the Corporation's management information circular delivered in advance of its 2025 Annual Meeting.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         623975 |                0 | For         |                                   623975 | FOR                         |  |
| CAPSTONE COPPER CORP.                    |  | 05/02/2025     | Passing an advisory vote on the Company's approach to executive compensation, as more particularly described in the accompanying Information Circular.                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         715547 |                0 | For         |                                   715547 | FOR                         |  |
| OSHKOSH CORPORATION                      |  | 05/06/2025     | Approval, by advisory vote, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          37227 |                0 | For         |                                    37227 | FOR                         |  |
| PREMIUM BRANDS HOLDINGS CORPORATION      |  | 05/06/2025     | The Corporation's approach to executive compensation described in the accompanying Information Circular. **NOTE**: This is an advisory vote only.                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         339824 |                0 | For         |                                   339824 | FOR                         |  |
| MEG ENERGY CORP.                         |  | 05/06/2025     | Acceptance of the Corporation's approach to executive compensation as described in the management information circular related to the Meeting.                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         298299 |                0 | For         |                                   298299 | FOR                         |  |
| STELLA-JONES INC.                        |  | 05/07/2025     | The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          98000 |                0 | For         |                                    98000 | FOR                         |  |
| NUTRIEN LTD.                             |  | 05/07/2025     | A non-binding advisory resolution to accept the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         389662 |                0 | For         |                                   389662 | FOR                         |  |
| ENBRIDGE INC.                            |  | 05/07/2025     | Accept Enbridge's approach to executive compensation, as disclosed in the Management Information Circular.                                                                                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         665966 |                0 | For         |                                   665966 | FOR                         |  |
| MDA SPACE LTD.                           |  | 05/08/2025     | Advisory Vote on Executive Compensation (Say-On-Pay Vote) BE IT RESOLVED, on an advisory basis and not to diminish the role and responsibilities of the board of directors, that the shareholders accept the approach to executive compensation disclosed in the Company's information circular delivered in advance of the 2025 annual meeting of shareholders.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         150000 |                0 | For         |                                   150000 | FOR                         |  |
| WSP GLOBAL INC.                          |  | 05/08/2025     | Consider a non-binding advisory resolution on the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          92019 |                0 | For         |                                    92019 | FOR                         |  |
| CENOVUS ENERGY INC.                      |  | 05/08/2025     | Shareholder Advisory Vote on Executive Compensation Accept the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |        1276126 |                0 | For         |                                  1276126 | FOR                         |  |
| TC ENERGY CORPORATION                    |  | 05/08/2025     | Resolution to accept TC Energy's approach to executive compensation, as described in the Management information circular.                                                                                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           1816 |                0 | For         |                                     1816 | FOR                         |  |
| INTERFOR CORPORATION                     |  | 05/08/2025     | BE IT RESOLVED THAT, on an advisory basis only and not to diminish the role and responsibilities of the Board of Directors, the Shareholders accept the approach to executive compensation disclosed in the Information Circular of the Company dated March 12, 2025 delivered in connection with the 2025 Annual General Meeting of Shareholders.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         290400 |                0 | For         |                                   290400 | FOR                         |  |
| CANADIAN NATURAL RESOURCES LIMITED       |  | 05/08/2025     | On an advisory basis, accepting the Corporation's approach to executive compensation as described in the Information Circular.                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         667025 |                0 | For         |                                   667025 | FOR                         |  |
| MANULIFE FINANCIAL CORPORATION           |  | 05/08/2025     | Advisory resolution accepting approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         666184 |                0 | For         |                                   666184 | FOR                         |  |
| COLGATE-PALMOLIVE COMPANY                |  | 05/09/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           1200 |                0 | For         |                                     1200 | FOR                         |  |
| CAMECO CORPORATION                       |  | 05/09/2025     | Have a say on our approach to executive compensation (see page 8 of the management proxy circular) As this is an advisory vote, the results will not be binding on the board. Be it resolved that, on an advisory basis and not to diminish the role and responsibilities of the board of directors for executive compensation, the shareholders accept the approach to executive compensation disclosed in Cameco's management proxy circular delivered in advance of the 2025 annual meeting of shareholders. | SECTION 14A SAY-ON-PAY VOTES |         319089 |                0 | For         |                                   319089 | FOR                         |  |
| FINNING INTERNATIONAL INC.               |  | 05/13/2025     | To consider and approve, on an advisory basis, an ordinary resolution to accept the Corporation's approach to executive compensation, as described in the management proxy circular for the meeting.                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         660305 |                0 | For         |                                   660305 | FOR                         |  |
| BOYD GROUP SERVICES INC.                 |  | 05/14/2025     | As to the Resolution to vote on an advisory resolution on BGSI's approach to executive compensation:                                                                                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         123363 |                0 | For         |                                   123363 | FOR                         |  |
| CHUBB LIMITED                            |  | 05/15/2025     | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           3897 |                0 | For         |                                     3897 | FOR                         |  |
| SOUTH BOW CORPORATION (THE "COMPANY")    |  | 05/15/2025     | Accept the Company's approach to executive compensation, as set forth in the Circular.                                                                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            363 |                0 | For         |                                      363 | FOR                         |  |
| ATKINSREALIS GROUP INC.                  |  | 05/15/2025     | Non-binding Advisory Vote on the Company's Approach to Executive Compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         182030 |                0 | For         |                                   182030 | FOR                         |  |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP |  | 05/15/2025     | Approve an advisory (non-binding) resolution to approve the 2024 named executive officer compensation.                                                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           2978 |                0 | For         |                                     2978 | FOR                         |  |
| HUDBAY MINERALS INC.                     |  | 05/20/2025     | Say on Pay Advisory Vote On an advisory basis, and not to diminish the role and responsibilities of Hudbay's Board of Directors, you accept the approach to executive compensation in our 2025 management information circular.                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |        2326010 |                0 | For         |                                  2326010 | FOR                         |  |
| JPMORGAN CHASE  CO.                      |  | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           3760 |                0 | For         |                                     3760 | FOR                         |  |
| THERMO FISHER SCIENTIFIC INC.            |  | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           1201 |                0 | Against     |                                     1201 | AGAINST                     |  |
| HENRY SCHEIN, INC.                       |  | 05/22/2025     | Proposal to approve, by non-binding vote, the 2024 compensation paid to the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          41476 |                0 | For         |                                    41476 | FOR                         |  |
| ZIMMER BIOMET HOLDINGS, INC.             |  | 05/29/2025     | Approve, on a non-binding advisory basis, named executive officer compensation ("Say on Pay").                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          10484 |                0 | For         |                                    10484 | FOR                         |  |
| RESTAURANT BRANDS INTERNATIONAL INC.     |  | 06/03/2025     | Say-On-Pay: Approval, on a non-binding advisory basis, of the compensation paid to named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         155187 |                0 | For         |                                   155187 | FOR                         |  |
| TOREX GOLD RESOURCES INC.                |  | 06/18/2025     | Advisory Resolution on Executive Compensation Approach To consider and, if deemed appropriate, to pass, with or without variation, a non-binding advisory resolution on executive compensation.                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         237600 |                0 | For         |                                   237600 | FOR                         |  |
| V.F. CORPORATION                         |  | 07/23/2024     | Vote to approve the amendment and restatement of the 1996 Stock Compensation Plan.                                                                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         146759 |                0 | For         |                                   146759 | FOR                         |  |
| CHUBB LIMITED                            |  | 05/15/2025     | Approval of the compensation of the Board of Directors and Executive Management under Swiss law requirements: Maximum compensation of the Board of Directors until the next annual general meeting                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           3897 |                0 | For         |                                     3897 | FOR                         |  |
| CHUBB LIMITED                            |  | 05/15/2025     | Approval of the compensation of the Board of Directors and Executive Management under Swiss law requirements: Maximum compensation of Executive Management for the 2026 calendar year                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           3897 |                0 | For         |                                     3897 | FOR                         |  |
| CHUBB LIMITED                            |  | 05/15/2025     | Approval of the compensation of the Board of Directors and Executive Management under Swiss law requirements: Advisory vote to approve the Swiss compensation report                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           3897 |                0 | For         |                                     3897 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Galibier Capital Management Ltd.

**By (Signature):** Graham Anderson

**By (Printed Signature):** Graham Anderson

**By (Title):** Chief Financial Officer

**Date:** 08/18/2025