Corporate Governance Corporate Governance

CSA concludes real estate issuers should improve disclosure relating to distributions and non-GAAP financial measures

The Canadian Securities Administrators (CSA) have concluded that the quality and completeness of disclosure by real estate reporting issuers relating...

Québec Budget 2018 — QST registration for Non-Resident Suppliers

In the Québec 2018 budget tabled on March 27, changes were announced to An Act respecting the Québec Sales Tax that will require certain businesses...

Poison pills under the new bid regime: lessons & questions flowing from Canada’s largest cannabis M&A deal to date

On March 15, 2018, the OSC and the Financial Consumer Affairs Authority of Saskatchewan issued their reasons for the Aurora-CanniMed decision.

CSA reconsiders disclosure policy for marijuana companies

On February 8, 2018, the Canadian Securities Administrators released a revised “CSA Staff Notice 51-352 Issuers with U.S. Marijuana-Related...

Livent decision and the scope of auditor liability

In a significant decision on December 20, 2017, the Supreme Court of Canada provided important guidance on the scope of responsibility of auditors in...

Using growth targets to supplement growth strategy disclosure

The increase in initial public offering (IPO) activity in 2017 saw an increase in the use of “growth targets” to supplement the company’s...

Investor and regulator interests drive change in corporate governance and executive compensation

New and renewed investor focus on issues of board diversity and proxy access and an increasing interest in climate change disclosure accounted for...

Canadian government eliminates facilitation payments exclusion in the Corruption of Foreign Public Officials Act

As of October 31, 2017, facilitation payments will no longer be excluded from the bribery offence under Canada’s Corruption of Foreign Public...

Diversity on boards must change more quickly – Policy Options

Diversity on boards is improving slowly. Now all boards with four or more directors should be mandated to have at least one woman.

TSX issues final rules for corporate governance website disclosure and disclosure of security-based compensation arrangements

The Toronto Stock Exchange (TSX) has issued final amendments to the Company Manual relating to corporate governance website disclosure and disclosure...