ENT 633 Lecture Notes - Lecture 2: Canada Business Corporations Act, Succession Planning, Internal Control
2 Apr 2016
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Class two agenda: review four corporate governance reports (class two materials, national instrument 58-101/201 (class two appendix, commentators (ccgc/ icd, legal research tips (announcements/ documents on bb) Midterm may ask you to reflect on and compare different readings (such as from class 2) Will be tested on section 102. (1) and section 122. (1) 5 standards of duty of care: honestly, good faith, best interests of the corp, reasonable prudent person, care, diligence and skill. Director is not elected, it is appointed. Perfect topic, what states did & how canada reacted. Director is a steward of the corporation. New directors all need to be trained at the beginning and needs to come up to speed. Board must be able to act independently of management (must have independent mechanisms to be able to access funds for auditing firms) Many firms do not have job descriptions for their ceo, cfo, directors.
