Abstract

http://ssrn.com/abstract=1263925
 
 

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Shadows and Light: Addressing Information Asymmetries through Enhanced Social Disclosure in Canadian Securities Law


Aaron A. Dhir


Osgoode Hall Law School ; Yale Law School

September 5, 2008

Canadian Business Law Journal, Vol. 47, p. 435, 2009

Abstract:     
In this paper, I explore the mechanics of social disclosure in Canada. In section II, I review the extent to which Canadian companies have been reporting social information. In section III, I canvass the degree to which such disclosure is actually required under securities law vis-a`-vis the continuous disclosure obligation that requires public companies to provide periodic and timely disclosure to investors. I focus on three of the key components of periodic disclosure - quarterly/annual financial statements, the management discussion and analysis and, most importantly, the annual information form. Although many firms are underreporting, it is clear that a sufficient legal basis exists to compel the disclosure of material social information. However, various weaknesses limit the potential of existing provisions and arguably facilitate corporate opacity. As such, in section IV I provide a set of recommendations that I hope will serve to enhance the social disclosure landscape.

Number of Pages in PDF File: 34

Keywords: corporate law, securities law, social disclosure, human rights

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Date posted: September 7, 2008 ; Last revised: April 12, 2011

Suggested Citation

Dhir, Aaron A., Shadows and Light: Addressing Information Asymmetries through Enhanced Social Disclosure in Canadian Securities Law (September 5, 2008). Canadian Business Law Journal, Vol. 47, p. 435, 2009 . Available at SSRN: http://ssrn.com/abstract=1263925

Contact Information

Aaron A. Dhir (Contact Author)
Osgoode Hall Law School ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
(416) 736-5224 (Phone)
(416) 736-5736 (Fax)
HOME PAGE: http://www.osgoode.yorku.ca/faculty-and-staff/dhir-aaron-a/
Yale Law School ( email )
P.O. Box 208215
New Haven, CT 06520-8215
United States
(203) 432-8294 (Phone)
HOME PAGE: http://www.law.yale.edu/faculty/ADhir.htm
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