www.lexisnexis.ca Vol. 32, No. 2 February 2016
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Goldcorp hits the motherlode at reporting awards ceremony

Goldcorp Inc. is the new titan of corporate reporting in Canada.

The Vancouver-based mining company captured top honours at the 2015 CPA Canada Awards of Excellence in Corporate Reporting event held Dec. 9 in Toronto.

The awards are presented annually by the Chartered Professional Accountants of Canada and celebrate the best corporate reporting practices of Canadian-listed companies and Crown organizations.

Publicly-listed companies vie for awards within their industry sector as well as in four judging areas: financial reporting, corporate governance disclosure, electronic disclosure and sustainability reporting. Federal and provincial Crown corporations are assessed on financial reporting practices.

No ‘clear strategy’ seen on debt issue by auditor general

Ontario auditor general Bonnie Lysyk has slammed the province’s handling of key financial management issues in her 2015 annual report.

The report was especially critical of the way Ontario doles out business support funding. It stressed that taxpayers need to get a better sense of how more than $120 billion worth of spending on infrastructure investments over the next decade is to be allocated. And Lysyk wants to know how the province intends to drop its net debt-to-gross domestic product (GDP) ratio from 39.5 per cent at March 31, 2015 to levels not seen since before the global financial crisis during the last decade.

“Now would be a good time to start a full conversation on how the government plans to achieve its target of a net debt-to-GDP ratio of 27 per cent,” said Lysyk in a news release accompanying publication of her report.

Despite some major resistance from the U.S. profession, the Public Company Accounting Oversight Board has adopted new rules requiring audit firms to disclose the names of each engagement partner as well as the names of other firms that participated in an audit.

The new rules, says board chair James Doty, “Reflect a thoughtful and flexible approach that reinforces the PCAOB’s mission to protect investors from poor auditing, and promote their interest in more informative, accurate and independent audit reports.”

Plaintiffs’ counsel seeking judicial permission to launch investor class actions for secondary market misrepresentations must speedily compile a substantial evidentiary record if they hope to convince the courts to permit the statutory claims to proceed, lawyers say.

That’s among several takeaways from a Dec. 4 Supreme Court judgment which holds that shareholders of the Canadian Imperial Bank of Commerce and IMAX can proceed with their separate class actions for misrepresentation against those companies under Ontario’s Securities Act, but dismisses, as time-barred, a third similar investor class action against Celestica: CIBC v. Green [2015] SCC 60.