September 09, 2022
Kmiec is currently drafting a private member’s bill to amend Section 122 of the Canada Business Corporations Act (CBCA), which is focused on the duty of care that officers and directors owe to their shareholders. If passed, it would ensure that officers and directors prioritize the interests of shareholders above political agendas that are unrelated to the company’s business purpose.
A summary of Kmiec’s bill, which was obtained by the National Post, explains that it would be "considered a breach in the duty of care owed to shareholders when directors and officers of a large distributing corporation (a company with a total market value of shares above $100 million) make activist statements, including in relation to public policy or social issues, that is not directly related to the business the corporation carries out and that could reasonably be expected to reduce the value of shares.â€
Posted by: Timothy Birdnow at
10:00 AM
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Posted by: Dana Mathewson at September 09, 2022 11:43 PM (oFZ1t)
But at least it shows a few very small green shoots are there.
Posted by: Timothy Birdnow at September 10, 2022 08:10 AM (WBqqz)
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