Benefit company legislation comes to Canada

Valerie Mann, ICD.D, partner, Lawson Lundell LLP

Chat Ortved, partner, Lawson Lundell LLP

It was one year ago that the Business Roundtable, an influential group of CEOs of large American companies, reversed its commitment to the “primacy” of shareholders, endorsing instead “a fundamental commitment to all of our stakeholders.” This pivot arose from a landmark shift in thinking about the role of corporations in a free market economy, in which corporate leaders are recognizing the importance of long-term value over short-term expediency and the absolute necessity of a more inclusive prosperity.