Lexpert Magazine quotes Montréal lawyer, Jean-Pierre Chamberland, in an article on minority shareholder protection in related-party equity transactions.
Jean-Pierre Chamberland, a partner in Fasken Martineau DuMoulin LLP in Montréal, says the notice has also “raised eyebrows” in Québec. Some of what’s new in the CSA guidance “is more in the realm of corporate law and the duties of directors,” he says. “You have to ask yourself whether it is going beyond what you should be regulating in terms of securities law matters when you’re getting into what directors should be taking into account from their fiduciary duty standpoint.”
Faskens represented the company in two major going-private transactions this summer: Canam Group Inc. and Lumenpulse Inc. Chamberland says most of the guidance put out in the staff notice is already best practice among larger companies, and he suspects it is aimed more at smaller and mid-sized companies. “I would say the goal of this is to put people on notice that they’re going to be watching.”
