Audit, Compliance and Risk Blog

Federal Distributing Corporations Report Expanding Board Diversity

Posted by Jon Elliott on Tue, Jun 21, 2022

Beginning in 2020, the Canada Business Corporation Act (CBCA) requires federal distributing companies to disclose annually the diversity in their boards and senior management. (CBCA s. 172.1). Disclosures are made to shareholders at annual meetings, and in filings with Corporations Canada. Corporations Canada has now published its review of filings covering calendar year 2021, citing the latest information and comparing with 2020 reports to assess initial progress.

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Tags: Labour & Employment, CBCA, Canada, Directors Liability, CBCR

Another Encouragement for Canadian Directors to Consider Non-shareholder Interests

Posted by Jon Elliott on Wed, May 19, 2021

Whose interests should corporate directors consider when running their companies? At least since 2008. The prevailing view in Canada is that while directors must consider shareholders’ interests, they may also consider the interests of other stakeholders. For example, in 2008, the Supreme Court of Canada decided the case BCE Inc. v. 1976 Debentureholders, allowing but not requiring consideration of debenture holders. Recently this permission has been shading toward an expectation.

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Tags: Labour & Employment, CBCA, Canada, Directors Liability