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Canada Shareholders Corporate Governance

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Canadian Securities Administrators Publish Tenth Report Regarding Women on Boards and in Executive Officer Positions

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The Canadian Securities Administrators (CSA) recently published its 10th annual Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 10 Report) (the Review). The Review outlines the CSA's...more

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Ontario Superior Court Rules That Section 99 of the Ontario Business Corporations Act Does Not Confer

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In OneMove Capital Corporation v Dye & Durham Limited, 2024 ONSC 5114 (OneMove), Justice Penny of the Commercial List division of  the Ontario Superior Court concluded that shareholders may not submit a proposal under s. 99...more

Davies Ward Phillips & Vineberg LLP

Governance Insights: Nominee Directors – Fiduciary Obligations and the Limits of Information Sharing

The corporate life of a nominee director has been characterized as having the potential to be “neither happy nor long.” In this Governance Insights article, we discuss the fundamental fiduciary considerations that nominee...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

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

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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

Stikeman Elliott LLP

CSA Update Guidance on Virtual Shareholder Meetings

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The Canadian Securities Administrators (“CSA”) provided initial guidance on virtual shareholder meetings in February 2022 to: (i) assist reporting issuers in fulfilling their obligations under securities legislation; and (ii)...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

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

Stikeman Elliott LLP

CBCA Corporations to Begin Submitting Transparency Registers to the Government: Public Access to Follow

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Canada’s federal beneficial ownership transparency requirements are changing again. Beginning January 22, 2024, federal corporations will be required to provide certain information from their registers of individuals with...more

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New Filing Requirements for Canadian Federal Corporations

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Effective January 22, 2024, all federally incorporated companies must file information on “individuals with significant control” (“ISC”) pursuant to new requirements under the Canada Business Corporation Act (the “CBCA”)....more

Stikeman Elliott LLP

ISS Governance Announces Proposed Benchmark Policy Changes for 2024

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On November 21, 2023, Institutional Shareholder Services (“ISS”) Governance announced proposed changes to its benchmark voting policy for 2024 (the “Proposed Changes”). To ensure that a broad range of perspectives is...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

Davies Ward Phillips & Vineberg LLP

GOVERNANCE INSIGHTS 2023 - As the Pandemic Abates, Activists Advance: Shareholder Activism Rebounds in Canada

Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with...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

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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

Blake, Cassels & Graydon LLP

F&A : 5 conseils aux vendeurs qui s’apprêtent à conclure une convention entre actionnaires

Supposons que vous êtes un vendeur constitué en société fermée et que vous cherchez à vous retirer des affaires après avoir fait croître la valeur de votre entreprise pendant des années. Le processus de vente se déroule bien...more

Blake, Cassels & Graydon LLP

5 Tips for Sellers When Entering Into an M&A Shareholders’ Agreement

You are a private company seller looking to exit your business after years of building up value. Your sale process is going well, and you have identified a preferred buyer that wants to pay a premium for your company. The...more

Stikeman Elliott LLP

Shareholder Activism and Shareholders’ Rights in Canadian Private and Public Companies: An Overview

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A Q&A guide to the use of shareholder activism in Canada. The Q&A gives a high-level overview of the use and goals of shareholder activism, the regulation of shareholder activism, and the strategies and tools used by...more

Bennett Jones LLP

If It's Broke, Fix It: Amendments to the Alberta Business Corporations Act

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On March 28, 2023, the Alberta Government's Bill 10: Financial Statutes Amendment Act, 2023 (Bill 10) received Royal Assent. Bill 10 amends a number of key corporate statutes, including Alberta's Business Corporation Act, RSA...more

Bennett Jones LLP

Delaware Court Extends a Director's Duty of Oversight to Officers—What Could This Mean for Canadian Directors and Officers?

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In the United States, corporate directors owe, as a subset of their duty of loyalty, a duty to monitor and oversee the operations of the company, referred to as the "duty of oversight" in this blog. This duty is known as the...more

Stikeman Elliott LLP

Shareholder Activism and Shareholders’ Rights in Private and Public Companies in Canada Overview

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A Q&A guide to the use of shareholder activism in Canada. The Q&A gives a high-level overview of the use and goals of shareholder activism, the regulation of shareholder activism, and the strategies and tools used by...more

Bennett Jones LLP

Zombie Working Interest Partners: A Scary Trend In the Oil Patch

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While the popularity of zombies in film and popular culture has grown exponentially in the last decade, participants in the Western Canadian oil patch have increasingly been dealing with a different kind of zombie—"zombie...more

Stikeman Elliott LLP

Ontario’s New Transparency Register: Getting Your OBCA Corporation Ready for January 1, 2023

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Under new rules in force as of January 1, 2023, private corporations incorporated or continued under Ontario’s Business Corporations Act (“OBCA”) will be required to maintain a register (“Transparency Register”) of...more

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