Corporations incorporated under the Canada Business Corporations Act (CBCA) may now take advantage of extended deadlines for their annual general meetings of shareholders in 2020.
The Minister of Innovation, Science and Industry has issued an order (the Order) extending the deadlines for calling an annual general meeting of shareholders and presenting financial statements for corporations incorporated under the CBCA.
CBCA incorporated companies are generally required to call an annual general meeting of shareholders not later than 15 months following the corporation's previous annual general meeting and within 6 months of the corporation's year-end.
Pursuant to the Order, the deadline for calling an annual general meeting has been extended to the earlier of:
- 21 months after the corporation's previous annual general meeting and no more than 12 months after the last financial year-end; and
- December 31, 2020.
The Order also temporarily extends the deadline for the CBCA requirement to place annual financial statements for an annual period ended no more than 6 months before the meeting date to 12 months. Directors may now present financial statements to shareholders at the corporation's annual general meeting no more than 12 months after the corporation's last financial year-end.
The Order is retroactive to March 13, 2020 and will remain in force until December 31, 2020.
Originally published by Stikeman Elliott, August 2020
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