The Supreme Court will decide on the meaning of ‘material change’ – what information companies listed on the stock market must publicly disclose
Jean-Pierre Chamberland, Sarah Gingrich and Steve Saville are lawyers at Fasken. The views expressed herein are those of the authors.
The concept of “material change” reflects a balancing of investors’ interests and the company’s interests. While investors need timely disclosure of important events, it’s overly burdensome to require the company to continually report every development affecting its business. Excessive disclosure can also be counterproductive by overwhelming investors with data and would have a great impact on Canada’s capital markets.
It’s important that the Supreme Court not apply an overly broad or vague definition to “material change.” The choice made by the court could have meaningful, and potentially unintended, consequences. Capital markets in Canada have been facing increased challenges, and their struggles highlight several critical policy considerations.
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