IR Leader
April 28, 2020

Did You Know...

...There is one striking similarity between distinguished Governance Gavel award winners from 2019, 2018 and 2017 – plain language disclosure.

The February 2020 issue of IR focus, Following Best Practices in Your Proxy Circular, examines some best practice formats and approaches to this all-important disclosure document, including the application of plain language principles when preparing disclosure in, among other documents, Management Information Circulars.

IR focus, which provides a comprehensive framework for effectively addressing a single key topic or challenge, is one of the many resources CIRI provides to its members. If you're a CIRI member and missed the February issue of IR focus, click here to read it now. The next issue entitled Debtholder Relations in a Pandemic: Are You Prepared for What Comes Next?, will be published mid-May. Watch your inbox for it! 

Not a member? See the types of resources you're missing! IR professionals join CIRI to leverage our: resources; professional development; networking opportunities; and issues education and advocacy. Could you benefit from these? Then join CIRI today!

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Top Stories

Bridging the Non-GAAP (Take Two)

In February, Canada's securities regulators published for comment a revised version of the proposed rules on the presentation of non-GAAP financial measures. The first iteration of the proposed rules was published in 2018 and received substantial feedback from stakeholders - the new version of the proposed rules has been simplified to address many of the comments raised. The comment period in respect of the proposed rules runs to June 29, 2020. Given the extensive comments already received and considered by regulators, we expect the rules will come into force substantially as proposed.

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Canada Still Open for Business Despite New COVID-19 Policy

An announcement made by the Government of Canada on April 18, 2020, that certain foreign investments will be subject to enhanced scrutiny under the Investment Canada Act during the COVID-19 crisis is expected to have little to no impact on most foreign investors. Only investments related to public health and critical goods and services, and those by state-owned investors, are potentially affected.

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Fine-Tuning Your Virtual Skills

Three ways to take some of the awkwardness out of working remotely.

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CFOs Gain Clarity Over How to Report on COVID-19, Says Survey

Four out of five finance chiefs expect revenues, profits or both to fall this year, reports PwC.

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Update - Public Disclosure in the Time of COVID-19

Everything has changed. Not so long ago, we were continuing the longest winning streak in market history -11 years of bull market. Now, things normally taken for granted are no longer possible: planes no longer fly, cars no longer circulate, supply chains no longer manufacture goods, and entire cities are shut down around the world.

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The Art of the Virtual Non-deal Roadshow

In the coming quarter (and possibly quarters), the inability of your management team to travel during the pandemic should not derail your pending investor meetings and non-deal roadshow plans. Virtual non-deal roadshows offer an easy, high-ROI means of positioning your company with receptive institutional investors. In fact, this is a real-time need.

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Disclosure Considerations for Reporting Issuers as a Result of the COVID-19 Pandemic

As the COVID-19 pandemic continues to spread across Canada, its impact and the measures taken by Federal, Provincial and local governments to contain the virus have significantly impacted the economy. As a result, reporting issuers in Canada should consider what disclosure obligations are required to address the impact of the pandemic on their business, operations and financial condition.

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ISS and Glass Lewis Provide Guidance in Response to the COVID-19 Pandemic

Each of Institutional Shareholder Services (ISS) and Glass Lewis recently published their insights on the impact that COVID-19 will have on corporate governance and provided guidance on what effect the pandemic may have on the application of some of their voting policies for the upcoming 2020 proxy season. Many of the global policy statements in these publications have relevance and implications for Canadian issuers.

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What's Next Now That AI Has Gone Mainstream?

Even before COVID-19 thrust AI into the spotlight, the technology was gaining widespread adoption in the most surprising places.

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How Boards Can Prepare for Post-Pandemic Activism

Periods of equity market turmoil often lead to increased activity. Frank Aquila and Melissa Sawyer offer advice for boards on making sure they are ready.

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Dynamic Cash-Flow Forecasting - A Must-Have in Times of Crisis

Having a model that is dynamic, easily updated for changing conditions, and able to support iterative scenario analysis isn't a luxury; it's a necessity.

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