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Stakeholders’ primacy: paradigm shift confirmed

  • Canada Image

Sep 30, 2019

In September 2019, Norton Rose Fulbright released a summary of Bill C-97, which stipulates that when acting in the best interests of the corporation, directors and officers may consider, but are not limited to the interests of shareholders and certain other stakeholders.

At first glance, the new provision appears consistent with the Supreme Court’s reasoning in cases on director liability, but, given a heightened climate for director accountability and recent focus on stakeholder interests in Canada and abroad, it is imperative to review the potential implications of these changes for corporate leaders.

The summary covers:

  • From shareholder’s to stakeholder’s primacy?
  • CBCA now expressly recognizes stakeholder interests
  • Differences between the CBCA and US corporate statutes
  • Recommendations

Review Bill C-97 on the Parliament of Canada's website and the summary on Norton Rose Fulbright's website.

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