Director and Officer Liability from New Legislation in Canada

New “Fighting Internet and Wireless Spam” (FISA) legislation, (Bill C-28) has too long a name to bother retyping, so you can find it here. It is designed to make changes to the CRTC Act, the Competition Act, PIPEDA and the Telecommunications Act, with the intent to reduce unsolicited electronic contact including identity th...
Posted: 3/14/2011 12:00:00 AM by Global Administrator

Directors’ Liability

Greg Shields was happy to respond to the request for a second article by the Canadian Society of Physician Executives (CSPE) Newsletter (www.cspexecs.com). With their permission we have re-published it here. Directors’ Liability By Greg ShieldsAll good things come with risk and reward. Company director is a vital role. Our organizations, w...
Posted: 3/10/2011 12:00:00 AM by Global Administrator

Canadian Directors’ and Officers’ Liability Insurance (D&O) and the Recent IMAX Decision

Canada is seeing a material change in home-grown D&O loss experience. On Valentines day we saw a new decision in the first case to be brought under Ontario’s new, at the time, “Bill 198”, aka, part XXIII.1 of the Ontario Securities Act (the “Act”), section 138.3, which provides a statutory cause of act...
Posted: 2/22/2011 12:00:00 AM by Global Administrator

D&O Liability and Governance Discussion Points:

XBRL:Many directors and officers know nothing about the SEC deadline, of June 15, 2011, for foreign private issuers (XBRL.ca, here, says there are 350 in Canada) to meet interactive data reporting requirements (explanation of XBRL, here). I have not been able to develop an opinion on the potential ramifications of XBRL on Canadian gove...
Posted: 2/18/2011 12:00:00 AM by Global Administrator

Directors’ and Officers’ Insurance – Entity Coverage and the Blogosphere

Recently, while perusing the Canadian D&O Blogosphere, I came across the website of an Ontario insurance broker, who pointed out that “not all D&O policies provide Entity Coverage” and that that coverage is “critical to your insurance program.” It ends with “if your broker can’t do this… find on...
Posted: 11/2/2010 12:00:00 AM by Global Administrator

Directors’ and Officers’ Indemnification

Many D’s & O’s, (trustee, advisory board members, committee members, etc.) make the assumption they will be indemnified in the event of a lawsuit, and some rely entirely on the protection under statute, or their corporate bylaws. Indemnification language can be found in the OBCA, CBCA, other legislation or specific Acts (eg. Insu...
Posted: 10/26/2010 12:00:00 AM by Global Administrator

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