News & Analysis as of

Canada Board of Directors

Bennett Jones LLP

Delaware Court Affirms High Threshold for Breach of Directors' Caremark Duties

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In a recent case, Bricklayers Pension Fund of Western Pennsylvania (derivatively on behalf of Centene Corporation) v Brinkley (Centene), Delaware's Court of Chancery dismissed “Caremark duty claims”—named after the 1996 case...more

Dickinson Wright

Delaware Corporate Law to Follow Canadian Corporate Law

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Corporate lawyers in Canada tend to follow decisions of the Delaware Courts involving corporate governance and shareholder matters, as decisions of the Delaware Courts are often a bellwether as to how certain aspects of...more

Davies Ward Phillips & Vineberg LLP

Governance Insights: Protecting Information to Protect Process – When is it Appropriate to Restrict a Director’s Access to Board...

When is a board of directors permitted to withhold information from one of its members? Although the Canadian corporate statutes generally grant directors a blanket right to inspect board and committee minutes, there is...more

Davies Ward Phillips & Vineberg LLP

Bill S-285: A Canadian Contribution to the Stakeholder Governance Debate

Senator Julie Miville-Dechêne recently introduced the 21st-Century Business Act (Bill S-285), a Senate public bill that proposes substantive amendments to the Canada Business Corporations Act (CBCA). The legislative proposal...more

Bennett Jones LLP

TSX Venture Exchange Launches "Sandbox" Initiative for Novel Listing Proposals

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On May 13, 2024, the TSX Venture Exchange (TSXV) announced the launch of its "Sandbox" initiative that will aim to provide a formal and transparent forum for the TSXV to consider listing proposals from issuers that do not...more

Bennett Jones LLP

Navigating the Legal Landscape of AI

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Bennett Jones welcomed the opportunity to present a practical, opportunity and risk focused approach to the governance of Artificial Intelligence (AI) at the board level to the Institute of Corporate Directors. While AI is...more

Bennett Jones LLP

Capital Markets Tribunal Keeps High Bar to Establish Improper Defensive Private Placement

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On March 11, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for dismissing Mithaq Capital Inc.'s (Mithaq) application on December 14, 2023, to cease trade a private placement that Aimia Inc....more

Bennett Jones LLP

Delaware Courts Confirm High Standard for Breach of Oversight Duty Applies Equally to Officers and Directors

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In the United States, corporate directors and, as confirmed by the Delaware Court in McDonald’s Corp. Stockholder Derivative Litigation (McDonald), corporate officers owe, as a subset of their duty of loyalty, a duty to...more

Bennett Jones LLP

OSC Provides Guidance on “Necessary Course of Business” Exception to Prohibition Against Tipping

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In a recent decision, Kraft (Re) (Kraft), the Ontario Capital Markets Tribunal (the Tribunal) articulated clear guidance with respect to the application of the necessary course of business (NCOB) exception to the prohibition...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Winter 2024

The oversight obligations of boards continue to expand. Recent enforcement actions and new laws in areas such as cybersecurity, artificial intelligence and supply chains create new challenges for boards, as we explain in this...more

Stikeman Elliott LLP

Glass Lewis and ISS 2024 Canadian Benchmark Policy Guidelines and Updates

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Glass Lewis and Institutional Shareholder Services (“ISS”) recently published their Canadian benchmark policy guidelines and updates for the 2024 proxy season. Key updates focus on board accountability for climate-related...more

Bennett Jones LLP

What's Shaping Canada's IPO Market in 2024?

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It doesn’t come as breaking news that 2023 was a down year for initial public offerings (IPOs) in Canada, as companies faced a rare set of challenges in both the domestic and global markets. However, as with any downturn,...more

Blake, Cassels & Graydon LLP

NorthWest Copper : la Commission des valeurs mobilières de la C.‑B. favorise la circulation de l’information entre les...

Dans sa décision récemment rendue dans l’affaire NorthWest Copper Corp. (l’« affaire NorthWest Copper »), la Commission des valeurs mobilières de la Colombie-Britannique (la « Commission ») a rejeté une demande de NorthWest...more

Blake, Cassels & Graydon LLP

NorthWest Copper: B.C. Securities Commission Decision Favours Free Flow of Information Among Shareholders

In its recent decision in NorthWest Copper Corp., 2022 BCSECCOM 602 (NorthWest Copper), the British Columbia Securities Commission (Commission) dismissed an application by NorthWest Copper Corp. (NWST or the Company) alleging...more

Blake, Cassels & Graydon LLP

Développements importants concernant les exigences canadiennes en matière de transparence des sociétés

Plusieurs territoires canadiens ont apporté d’importantes modifications à leurs exigences respectives en matière de transparence pour ce qui est de la communication de l’information sur les propriétaires véritables ultimes....more

Blake, Cassels & Graydon LLP

Important Developments in Canadian Transparency Requirements

Several Canadian jurisdictions have made significant changes to the transparency requirements related to disclosure of information about ultimate beneficial owners. This bulletin includes information on key current...more

Blake, Cassels & Graydon LLP

Modification possible des exigences de la LCSA en matière de divulgation de renseignements sur la diversité

Depuis le 1er janvier 2020, les sociétés ayant fait appel au public (en général, les sociétés ouvertes) régies par la Loi canadienne sur les sociétés par actions (la « LCSA ») sont tenues de fournir des renseignements sur la...more

Blake, Cassels & Graydon LLP

Diversity Disclosure Requirements for CBCA Public Companies Potentially Changing

Since January 1, 2020, distributing corporations (generally, public companies) governed by the Canada Business Corporations Act (CBCA) have been required to provide diversity disclosures regarding “designated groups,” as...more

Bennett Jones LLP

ISS and Glass Lewis Update 2024 Proxy Voting Guidelines

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Glass, Lewis & Co (Glass Lewis) and Institutional Shareholder Services (ISS) have each released updates to their Canadian proxy voting guidelines for the 2024 proxy season. The Glass Lewis updates apply to shareholder...more

Stikeman Elliott LLP

Board Composition: Gender Diversity and Beyond

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The Canadian Securities Administrators (“CSA”) have released their annual review of disclosure regarding women on boards and in executive officer positions at Toronto Stock Exchange-listed issuers, showing positive trends in...more

Bennett Jones LLP

Special Committees: Frequently Asked Questions

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Special committees have evolved as a key corporate governance mechanism to assist boards of directors in discharging their fiduciary duties. Applicable securities laws mandate the use of special committees in connection with...more

Blake, Cassels & Graydon LLP

Les ACVM font état de tendances généralement positives concernant la représentation féminine aux conseils d’administration

Selon les Autorités canadiennes en valeurs mobilières (les « ACVM »), la proportion de femmes siégeant à des conseils d’administration (« CA ») de sociétés ouvertes au Canada a augmenté progressivement pour une neuvième année...more

Bennett Jones LLP

Broer v. Multiguide GmbH—Is the Subsequent Conduct of the Parties More Relevant Than You Think in the Context of Shareholder Loans...

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It has long been established that where the circumstances in which funds are advanced by a shareholder to the company in which they own shares is unclear, the court must consider the "surrounding circumstances" when...more

Blake, Cassels & Graydon LLP

CSA Reports Mostly Positive Trends in Representation of Women on Boards

According to the Canadian Securities Administrators (CSA), the proportion of board seats held by women at public companies in Canada has gradually increased again for the ninth year in a row. In addition, at public companies...more

Bennett Jones LLP

Separate Corporate Personality Remains Alive and Well in Alberta

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Separate corporate personality is not a loophole or technicality, but is an essential principle of corporate law, the Alberta Court of Appeal recently reiterated in Condominium Corporation No. 0828219 v Carrington Holdings...more

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