Virtually no Canadian director has incurred liability requiring payment from his or her own funds, but many have been the target of stinging criticism. This is often the biggest motivator for directors – not the risk of liability, but the risk of appearing to have done wrong. Still, when issues do arise, many directors rely on the company to provide legal counsel even though independent counsel may be a better choice. Published in the November 2011 issue of Lexpert magazine as part of Barry Reiter's regular column.
Bennett Jones