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By Occasional Contributors | 3 Minutes Read October 8, 2014

Being accountable: Fiduciary duties and the business judgment rule

On July 10, 2014, the Ontario Court of Appeal released an important decision regarding corporate governance and shareholders rights. In the case between Unique Broadband Systems Inc. and its former CEO and director, Gerald McGoey, the Court of Appeal clarified the fiduciary obligations on the part of officers and directors of both private and public companies as well as the limitation on the business judgment rule that limits a Court from “second guessing” decisions of management.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll / Being accountable, Benjamin Na, Business Corporations Act, business judgment rule, CCAA, Clifford I. Cole, Companies’ Creditors Arrangement Act, compensation awards, contracting out of duties, contractual entitlement, corporate stakeholders, fiduciary duties, fiduciary obligations, golden parachute, Gowling Lafleur Henderson LLP, Gowlings, officers and directors of both private and public companies, Ontario Business Corporations Act, Patrick Shea, rebuttable presumption, shareholders rights, special meeting of shareholders

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