Natural Resources Canada ("NRCan") recently released its finalized implementation tools for reporting payments to governments and government officials by mining and oil and gas companies under the Extractive Sector Transparency Measures Act. These new "publish what you pay" requirements are intended to supplement the anti-corruption measures contained in the Criminal Code and the Corruption of Foreign Public Officials Act ("CFPOA"). The Canadian government has noted that the purpose of the new regime is to improve transparency within the industry and to achieve alignment with similar measures set out in the EU Transparency Directive and the US Dodd-Frank Wall Street Reform and Consumer Protection Act.
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The Ontario government has created a new Business Law Advisory Council to put forward recommendations to modernize and reform Ontario's corporate and commercial laws to make Ontario a more competitive jurisdiction in which to do business.
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Women's roles on boards of directors and in executive officer positions has been an important topic of discussion in Canada and globally as well over several years. Recently, steps have been taken to require more disclosure and information from certain larger public companies based in Canada. This is to give potential investors more information about the gender diversity practices and policies of these corporations before deciding to invest.
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The Canadian Securities Administrators (CSA) have announced the final adoption of fundamental changes to the take-over bid regime in Canada. These changes are substantially similar to a draft version of the amendments that the CSA published on March 31, 2015.
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With no company immune, IROs need to devise a strategy for dealing with activist campaigns.
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As shareholder activism continues to escalate, some deal makers at a
conference in New Orleans have been focused on cracks that they think
are beginning to show.
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A growing number of shareholder activist campaigns in the U.S. are being backed - often secretly - by long-term investors, which may be signaling a sea change in investor attitudes, attorneys said at a March 10 conference.
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When executives complain about activist hedge funds, it's often under the cover of short-termism. Activists are bad, the thinking goes, because they pressure companies to prioritize quarterly profits over long-term value creation.
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