IOO2 the time has come for Canadian securities
regulators and stock exchanges to revisit the application of
securities laws and policies to the use of electronic
communications for the disclosure of material information. Existing
regulatory guidance concerning the ability of issuers to use their
company web sites to disseminate material information is
SRSLY3 dated and in need of modernization, as the use of
social media, now such a large part of the dissemination of
information globally, is largely unaddressed. Consideration should
be given to providing specific guidance on the use of social media
platforms for purposes of meeting (or at least not violating)
public disclosure requirements.
ICYMI,4 currently, the general principles governing
the disclosure of material information, including through
electronic communications, are described in National Policy 51-201
– Disclosure Standards (NP 51-201) and, for Toronto
Stock Exchange (TSX)-listed companies, the TSX's Electronic
Communications Disclosure Guidelines (TSX Guidelines), both of
which were first published over a decade ago and have only been
updated with limited incremental changes since that time.
What's the Big Deal?
In its 35thQuarterly C-Suite Survey
(Gandalf Group Survey), the Gandalf Group found that 51 per cent of
the companies surveyed had a corporate Twitter account, 43 per cent
had a Facebook page, 41 per cent had a LinkedIn page and 21 per
cent had an official blog. Fifty-seven per cent of respondents said
that social media either greatly or somewhat helped to support
investor relations. One-third of companies interviewed had a
specific budget for social media. Clearly, social media has become
a part of the corporate world.
Social media provides an easy and cost-effective way to connect
with investors around the world in real time. Evidence suggests
this is particularly advantageous for smaller issuers. A 2014 study
by professors from Stanford University and the University of
Michigan5 tracked whether technology companies tweeting
a link to an original corporate announcement impacted their stock
price spread (i.e., the price at which sellers are willing to sell
versus the price at which buyers are offering to buy). The study
found that for highly visible firms, there was no impact. However,
for firms that are not highly visible, dissemination of news via
Twitter reduced the bid-ask spread on their stock, consistent with
a reduction in information asymmetry, making the stock more liquid
and easier to trade.
Emotional culture is influenced in great part by the mindset and actions of leadership, although employees also play more of a role than they may realize in creating the culture that exists in the group.
The session will be led by Dr. Robert Brooks, an award-winning author and psychologist. In his presentation, Dr. Brooks will describe the mindset and realistic practices of leaders and staff that help to nurture and sustain a culture characterized by positive emotions, satisfying, respectful relationships, a sense of meaning and ownership for one’s work, and enhanced job performance. Examples will be offered to illustrate strategies for developing a positive emotional culture in an organization.
Join leading lawyers from the Blakes Pensions, Benefits & Executive Compensation group as they discuss recent updates and legal developments in pension and employee benefits law as well as strategies to identify and minimize common risks.
Ready? The company wants its in-house lawyers to be on the front lines, but there is little to no training around how to “look for risk,” let alone how to evaluate it or report it. Our special guest, Sterling Miller, will present simple ideas and processes you can use to spot and identify risk, and demonstrate how to evaluate and manage that risk alongside the business.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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