Notes (Cont'd)
Chapter 3 – Navigating Financial Distress: Key Considerations for Directors 24 Canada Business Corporations Act (CBCA), RSC 1985, c C-44, sections 102(1), 122(1). 25 People’s, supra note 1, at para 67. 26 See Tara Deschamps, “Companies Weigh Dividend Cuts, Suspensions Ahead of Earnings Amid Pandemic,” The Globe and Mail (April 21, 2020), online: www.theglobeandmail. com/investing/investment-ideas/article-companies-weigh- dividend-cuts-suspensions-ahead-of-earnings-amid/; Lawrence C. Strauss and Andrew Bary, “Coronavirus Is Forcing Companies to Suspend Dividends and Cancel Stock Buybacks,” Nasdaq (March 23, 2020), online: www.nasdaq. com/articles/coronavirus-is-forcing-companies-to-suspend- dividends-and-cancel-stock-buybacks-2020-03-23. 27 See, for example, CBCA, sections 34(2), 35(3), 36(2), 42; Business Corporations Act (Ontario), RSO 1990, c B16, sections 30(2) 31(2) 32(2), 38(3); Companies’ Creditors Arrangement Act (CCAA), RSC 1985 c C-36, section 6(8); Bankruptcy and Insolvency Act (BIA), RSC 1985, c B-3, section 101. 28 Coronavirus Aid, Relief, and Economic Security (CARES) Act , 15 USC Ch. 116 § 4003(c)(2)(F), § 4003(c)(3)(A)(ii)(II). 29 See National Instrument 51-102 – Continuous Disclosure Obligations . 30 CBCA, section 123(4). 31 People’s, supra note 1, at paras 35, 57. 32 BCE, supra note 1, at paras 37–39. 33 Ibid , at paras 44–45. 34 Davies Governance Insights 2019 , online: https://www.dwpv. com/en/Insights/Publications/2019/Davies-Governance- Insights-2019, chapter 1. 35 People’s, supra note 1, at para 47. 36 CBCA, section 119(1). 37 Income Tax Act , RSC 1985, c 1 (5th Supp), section 227.1. 38 Canada Pension Plan , RSC 1985, c C-8, section 21.1. 39 Employment Insurance Act , SC 1966, c 23, section 83(1). 40 Excise Tax Act , RSC 1985, c E-15, sections 323, 329, 330. 41 BIA, sections 198, 204.
14 The number of dedicated risk committees is an approximate number determined with reference to committee titles and is not based on a review of committee mandates confirming that risk was solely delegated to the risk committee. This number does not include audit committees with risk oversight responsibility (e.g., an audit and risk committee). 15 Serious Fraud Office, “SFO enters into €991 Deferred Prosecution Agreement with Airbus as part of a €3.6bn global resolution” (January 31, 2020), online: https://www. sfo.gov.uk/2020/01/31/sfo-enters-into-e991m-deferred- prosecution-agreement-with-airbus-as-part-of-a-e3-6bn- global-resolution/; Serious Fraud Office, “R v Airbus SE –Deferred Prosecution Agreement,” online: https://www.sfo. gov.uk/download/airbus-se-deferred-prosecution-agreement- statement-of-facts/. 16 CSA Staff Notice 51-358 – Reporting of Climate Change- related Risks (August 1, 2019), at 5; CSA Staff Notice 51- 333 – Environmental Reporting Guidance (October 27, 2010), at 8. 17 CSA, “COVID-19: Continuous Disclosure Obligations and Considerations for Issuers” (May 6, 2020), online: https:// www.securities-administrators.ca/uploadedFiles/General/ pdfs/COVID-19_Continuous_Disclosure_Obligations_and_ Considerations_for_Issuers.pdf, at 16, 17. 18 Canadian Coalition for Good Governance, 2019 Best Practices for Proxy Circular Disclosure (2019), online: https://ccgg.ca/wp-content/uploads/2019/12/2019-Best- Practices-March-2020-update.pdf, at 30. 19 Davies Governance Insights 2018 , online: https://www. dwpv.com/en/Insights/Publications/2018/Governance- Insights-2018, chapter 8. 20 Davies Governance Insights 2019 , online: https://www.dwpv. com/en/Insights/Publications/2019/Davies-Governance- Insights-2019, chapter 9. 21 CSA, “CSA Business Plan | 2016-2019: Achievement Highlights” (2019), online: https://www.securities- administrators.ca/uploadedFiles/General/pdfs/Achievements_ CSA_Business_Plan_2016-2019.pdf, at 12. 22 Protiviti, “Executive Perspectives on Top Risks 2020” (2020), online: https://www.protiviti.com/sites/default/files/nc-state- protiviti-survey-top-risks-2020-executive-summary.pdf. 23 Keith Laing, “Despite New NAFTA, Trump Slaps Canada with 10% Aluminum Tariff,” The Detroit News (August 6, 2020), online: https://www.detroitnews.com/story/news/ politics/2020/08/06/despite-new-nafta-trump-slaps- canada-aluminum-tariff-usa/3313739001/.
42 BIA, section 101(1); CCAA, section 36.1(1). 43 Environmental Protection Act, RSO 1990, c E19, section 194(1).
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