Director's Duties and Liabilities presented by Norton Rose Fulbright.

2. The legal domain of director’s roles, responsibilities and
corresponding liabilities can be quite complex and will vary in
particular circumstances.
This presentation does not contain a full analysis of the law
nor does it constitute an opinion of any Norton Rose Fulbrightnor does it constitute an opinion of any Norton Rose Fulbright
entity on the points of law discussed.
You must seek specific legal advice on any particular matter
which concerns you.
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3. Introduction To Director Duties & Liabilities
Directors function collectively, as the board of directors (the “Board”) of a
corporation, and have no authority to independently bind the corporation
unless specific duties are delegated to them.
Accordingly, directors are not personally liable for the acts of the corporation
unless their personal liability is expressly provided for in legislation.
However, if a director holds him or herself out as having authority which he
or she has not been delegated, personal liability may result.
“Place Holder” or “Dummy” Directors
It is generally held that all directors of a corporation, however active or
inactive in the management of the corporation, will be held to the same
standards and will have the same responsibilities and liabilities, subject to
limited exceptions such as in respect to criminal liability for acts of the
Corporation.
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4. Overview
The Fundamental Duties of
Corporate Directors
• Duties Under Corporate Statutes
• Duty to Manage
• Fiduciary Duties
• Duty of Care
• Duty of Loyalty
Corresponding Responsibilities
and Liabilities of Corporate
Directors
• Liability Under Corporate Statutes
• Liabilities Under Employment Law
• Liability for Source Deductions and
Tax Remittances
• Liability Under Other Statutes and
• Duty to Comply with the Law
• Liability Under Other Statutes and
Regulations
• Tort Liability
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5. Fundamental Duties As
Prescribed in Corporate
Statutes
The principal statutes which set out directors’ duties are:
– Canada Business Corporation’s Act (the “CBCA”) - federal– Canada Business Corporation’s Act (the “CBCA”) - federal
– Business Corporation’s Acts (Ontario) (the “OBCA”) – provincial
Such statutes make clear that directors owe the following main
duties to the corporation:
– A duty to manage;
– Fiduciary duties; and
– A duty of care.
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6. The Duty to Manage
Directors have a duty to manage or supervise the management
of the business and affairs of the corporation (CBCA s.102(1), OBCA s.115(1)).
• Specific roles undertaken by the directors will vary for each corporation.
• If tasks/decisions undertaken pursuant to the duty to manage the business and
affairs of the corporation are delegated, the directors are not relieved of their duty
to manage the business and affairs of the corporation.
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• Directors are required to review the work done, decisions made, or any reports or
recommendations provided to them from officers or committees to ensure
compliance with their duty to manage.
• Note: Directors’ power to manage the business and affairs of a corporation may
only be restricted in a unanimous shareholders agreement.

7. Fiduciary Duties
Under both the CBCA and OBCA, a director’s fiduciary duty is made up of
three components:
•the duty to act honestly;
•the duty to act in good faith; and
•the duty to act in the best interests of the Corporation.
Who is the fiduciary duty owed to?
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Who is the fiduciary duty owed to?
Directors owe a fiduciary duty solely to the corporation and not to the shareholders,
creditors, or any other stakeholders of the corporation.
Note: In fulfilling their fiduciary duties, directors may, however, take into account
the interests of various corporate stakeholders, including shareholders, employees,
suppliers, creditors, consumers, governments and the environment, and the impact
that consequences to these stakeholders may ultimately have on the corporation.

8. Fiduciary Duties - Continued
The Duty to Act Honestly and In Good Faith
• There is little case law elaborating on or articulating these requirements beyond
suggestion that it is the “absence of bad faith”.
• Self-dealing and preferring ones interests or preferring the interests of one or
more shareholders over, and/or to the detriment of, shareholders as a whole
have been found to amount to a failure to act in “good faith”.
The Duty to Act in the Best Interests of the Corporation
• Each director has an obligation, when exercising his or her powers and
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• Each director has an obligation, when exercising his or her powers and
discharging his or her duties, to act with a view to the best interests of the
corporation
• Traditionally, the “best interests of the corporation” has been interpreted to mean
the best interests of the shareholders, taken collectively.
• Case law states that the “best interests of the corporation” is not to be
approached or judged by a director solely in terms of profit or share value.
• Directors should also give consideration to the long-term interests of the
corporation and ancillary interests that might ultimately impact the corporation
such as the interests of on such as employees, creditors, suppliers,
governments and the environment.
•

9. Duty of Loyalty
Arising out of a director’s role as a fiduciary of the corporation is a corresponding duty
of loyalty to the corporation, which includes the following:
• a duty to avoid usurping corporate opportunities;
• a duty of confidentiality; and
• a duty to avoid conflicts of interest.
Duty to Avoid Usurping Corporate Opportunity
Directors have a duty not to take for their own purposes or for the benefit of an entity in
which they have an interest, an opportunity that was originally intended for, offered to, or
which properly belongs to the corporation, and/or which is only made available to them bywhich properly belongs to the corporation, and/or which is only made available to them by
reason of their position as director of the corporation.
Breach of this duty may result in liability to account for assets or profits acquired by
reason of one’s directorship, even where such profit does not necessarily come at the
corporation’s expense and even after the director stepped down from his or her position.
Duty of Confidentiality
In connection with the duty outlined above, a director has an obligation to keep all
confidential information of the corporation secure, and not to use such information for
personal-gain, for the benefit of some other entity in which he or she holds an interest, or
for any other purpose unrelated to his or her duties as a director.

10. Duty of Loyalty - Continued
Duty to Avoid Conflicts of Interest
Stemming from their role as a fiduciary to the corporation, directors have a duty not to
put themselves in positions of actual or potential conflicts of interests with the
corporation; i.e. they must not be put in a situation where they may be tempted or
forced to favour interests other than the best interests of the corporation, or to otherwise
act inconsistently with their duties as directors of the corporation.
A transaction undertaken despite a conflict of interest is vulnerable to being set aside by
a court under both the OBCA and CBCA unless the conflicted director discloses (at the
requisite time) the nature and extent of his or her interest (being a personal relationship,
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requisite time) the nature and extent of his or her interest (being a personal relationship,
financial or other material interest) in the applicable contract or transaction for which he
or she has an interest in a party thereto, or to which he or she is a party him or herself.
The director is thereafter prohibited from voting on any resolution to approve such
transaction subject to limited exceptions outlined in the OBCA/CBCA.
Note: The transaction or contract must still be considered fair and reasonable to the
corporation at the time it was approved in order to avoid being set aside by a court.

11. Duty of Care
In exercising his or her powers and discharging his or her duties, a director is required
under the OBCA and CBCA to exercise the care, diligence and skill that a reasonably
prudent person would exercise in comparable circumstances.
This is the prescribed standard of performance against which the actions of directors
will be measured.
Who is the duty owed to?
Unlike the fiduciary duty, a director’s duty of care is owed to shareholders, creditors and other
corporate stakeholders, who may each claim the duty has been breached in a given
circumstance.
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What are “comparable circumstances”?
Canadian courts will have regard to all aspects of an impugned transaction including: the kind
of business, the time available to make the decision, the alternative options, and the status or
qualifications of the particular director. As such, there may be an heightened degree of
care required from a sophisticated, particularly knowledgeable or experienced director,
or a director sitting on a committee who has relevant insight.
The “Business Judgement Rule”
Typically, courts show deference to directors’ judgement and will not second-guess directors’
decisions provided such decisions lie within a range of reasonable alternatives, the directors
have taken into account the interests of the various stakeholder groups, and the decision was
made in good faith and on reasonable grounds.

12. Duty of Care - Continued
In fulfilling their duty of care, courts do not impose a standard of perfection on
directors.
As long as each director is guided solely by his or her informed, prudent and
reasonable conclusion as to which alternative is in the best interests of the
corporation, the director’s judgment will be entitled to deference.
In assessing whether directors have met their duty of care, Canadian courts look
primarily to the quality of the governance process used by the directors in making
their decisions.
Note: A sound governance process can help ensure and demonstrate that the
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Note: A sound governance process can help ensure and demonstrate that the
directors have properly exercised reasonable business judgment.
To meet the appropriate standard of care in fulfilling his or her duties, each
director must:
• consider all pertinent facts then known to him or her;
• identify all reasonable alternatives, if any;
• weigh the benefits and risks of each alternative to the corporation; and
• rely in good faith on appropriate and properly instructed advisors such as senior
management, accountants and auditors, expert financial advisors and legal
counsel.

13. Duty to Comply with the Law
Under both the OBCA and CBCA, each director is required to comply with:
• all articles of the corporation; and
• all by-laws of the corporation;
• all applicable OBCA/CBCA provisions and regulations made thereunder;
and
• All other applicable legislation (CBCA s.122(c), OBCA s.134(c)).
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Failure to comply in the law can result in certain risks and liabilities,
which will now be considered.

14. Directors’ Liabilities
• Liability Under Corporate Statutes
• Liability for Employee Wages and Health and Safety
• Liability for Source Deductions and Tax Remittances
• Liability Under Other Statutes
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• Liability Under Other Statutes
• Liability Under Tort

15. Liabilities Under
Corporate StatutesCorporate Statutes
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16. Liability for Failure to Adhere to the Duties
Imposed by the CBCA or OBCA
No provision in a contract, the articles, the bylaws or a
resolution relieves a director from the duty to act in
accordance with the CBCA/OBCA or the regulations
thereunder or relieves them from liability for a breach
thereof (CBCA s.122, OBCA s.134).
Examples:
• Duty to act honestly and in good faith with a view to the best interests of
the corporation;
• Duty to exercise the care, diligence and skill that a reasonably prudent
person would exercise in comparable circumstances; and
• Duty to comply with the Act, regulations, articles, bylaws and unanimous
shareholder agreements.
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17. Liability Under the “Oppression Remedy”
Directors must ensure that a proposed action or exercise of their powers is
neither oppressive nor unfairly prejudicial to, or unfairly disregards the
reasonable expectations of, any stakeholder of the corporation (including a
debt security holder or creditor).
Failure to do so may, at the discretion of the court, result in personal liability for a
director, under the “oppression remedy” afforded to stakeholders (s. 248 of the
OBCA and s. 241 of the CBCA).
• Oppressive conduct involves a lack of honesty or fair dealing or conduct that is
burdensome or harsh.
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burdensome or harsh.
• Unfair prejudice or unfair disregard of stakeholders’ interests involves unfair
conduct, whether intentional or unintentional, that defeats a stakeholder’s
reasonably held expectations.
Note: Whether director liability will result may be based, at least in part, on whether
there is a direct link between the directors’ actions or inactions and the conduct
said to constitute the oppression and whether, in the opinion of the court, it would
be “appropriate” for the director to be personally liable to compensate the
aggrieved party.

18. Liability for Financial Misconduct
Directors may be jointly and severally liable under the OBCA or CBCA for restoring
to the corporation any amounts distributed or paid and not otherwise recovered by
the corporation for:
– an improper redemption or purchase by the corporation of its own shares
(CBCA 118(2), OBCA 130(2));
– improper declaration and payment of dividends which will render the
corporation insolvent (CBCA 118(2)) OBCA 130(2)); and
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– for the amount of which non-monetary consideration for shares issued is less
than the fair equivalent of money that the corporation would have received
had the share been issued in exchange for money (CBCA s 118(1), OBCA
130(1)).

19. Liability for Employee
Wages and Health and
SafetySafety
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20. Liability for Employee Wages Under Corporate Statutes
Under the CBCA and OBCA, directors of a corporation are jointly and
severally liable to employees of the corporation for all unpaid debts owing to
an employee for services performed for the corporation (CBCA s.119(1), OBCA
s.81(1)).
Limits on Director Liability
• directors are only liable if the employee first pursued a remedy against the corporation
or proved its claim within six months after the debt became due or after the
corporation began liquidation, dissolution or bankruptcy proceedings;
• directors are only liable for amounts payable while they were directors;
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• directors are only liable for amounts payable while they were directors;
• directors are only liable for a maximum of six months wages (and 12 months accrued
vacation if under the OBCA); and
• directors are only liable, in the case of the CBCA, if the action is brought in the two
years after they cease to be a director, or, if under the OBCA, within two years from
the time the cause of action was discovered.
Note: Under the CBCA, a director’s liability is, however, subject to a “due
diligence” defence where that director can be said to have relied in good faith and
reasonably on certain financial statements or expert reports. No due diligence
defence exists under the OBCA.

21. Liability for Employee Wages Under Corporate Statutes –
Continued
Who is considered an “employee”?
There is no one test for distinguishing an employee from an independent contractor
however, a good starting point is to consider whether the person who has been
engaged to perform the services is performing them as a person in business on his
or her own account.
Consider, for example:
•the level of control the corporation has over the worker’s activities;
•whether the worker provides his or her own equipment;•whether the worker provides his or her own equipment;
•the degree of financial risk and responsibility for management held by the
worker; and
•the worker’s opportunity for profit in the performance of the task.
What are unpaid “debts”?
• Includes: employee salary or wages, vacation pay, commissions, guaranteed
increases in salary, and reasonable expenses incurred in connection with
carrying out the employee’s duties.
• Excludes: damages for wrongful dismissal, termination or severance pay or lost
wages for period employee improperly discharged.
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22. Liability Under Employment Legislation
Liability for Unpaid Wages - Canada Labour Code (the “Code”) (s.251.1 and s.251.18)
Under the Code, directors are jointly and severally liable to employees for
wages (excluding tips and gratuities), vacation pay, general holiday pay, and
termination pay or more favourable amounts as agreed in the employment
contract or collective agreement for up to six months.
• Liability is limited however, to circumstances where recovery from the corporation is
impossible or unlikely and to amounts earned while the director held his or her
position as director.
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position as director.
• The Code does not have a limitation period for bringing claims against directors.
• The Code is applicable to those corporations undertaking business within the
legislative authority of the federal government (i.e. shipping, navigation, railways,
banking, etc.)
Note: A director may appeal an order to pay unpaid wages under the Code,
however preliminary payment is required before such appeal will be heard.

23. Liability Under Employment Legislation -
Continued
Liability for Unpaid Wages - Ontario Employment Standards Act, 2000 (the “ESA”)
Under the ESA, directors are jointly and severally liable to the employees of
the corporation for:
• all debts not exceeding six months’ wages for services performed for the
corporation that became payable while they were directors;
• vacation pay accrued for not more than 12 months under the ESA, its
regulations, or under a collective agreement; and
• interest on any outstanding wages the director is liable for.• interest on any outstanding wages the director is liable for.
Liability is limited to circumstances where:
• an order from an adjudicator, employment standards officer or the Labour
Relations Board has been made against the corporation (or director
specifically) which remains unpaid and which is not subject to review; or
• the corporation is insolvent and the claim for unpaid wages has been filed with
the receiver or trustee but remains unsatisfied.
Note: Failure to adhere to an order may result in fines of up to $50,000 or
imprisonment for a director.
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24. Liability Under Employment Legislation -
Continued
Liability for Other Offences Under Employment Legislation:
Under employment standards legislation in most Canadian jurisdictions, it is an
offence for a director to participate in a breach by the corporation under the
legislation. Active misconduct on the part of the director must be proven for such
liability to arise.
In accordance with this, most provincial and territorial employment standardsIn accordance with this, most provincial and territorial employment standards
legislation provide for reciprocal enforcement such that a director cannot avoid
liability simply by residing in a province outside of where the business of the
corporation is carried out.
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25. Occupational Health And Safety Act
The Ontario Health and Safety Act (the “OHSA”) applies to various actors in a
given work environment, including corporations (as employers) and their individual
directors. The legislation outlines the duties of these actors as it pertains to ensuing
a safe work environment.
In accordance with s. 32 of the OHSA, every director of a corporation must take
reasonable care to ensure the corporation complies with the Act, its regulations, or
any order made thereunder.
An employer (a corporation), and as a consequence, each director, has anAn employer (a corporation), and as a consequence, each director, has an
obligation under the Act to:
• ensure that the equipment, materials and protective devices as prescribed are
provided (s. 25 (1)(a));
• provide information, supervision and instruction to a worker to protect his or her
health or safety (s. 25(2)(a));
• take every precaution reasonable in the circumstances for the protection of a
worker (s. 25(2)(h)); and
• adhere to the strictly enforced reporting obligations for fatalities, critical injuries,
accidents, occupational illnesses and injuries.
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26. Occupational Health And Safety Act - Continued
Consequence of Director Liability
Breach of the OHSA or failure to comply with an order made thereunder constitutes
an offence and may result in liability of up to $25,000 (for an individual director),
imprisonment up to 12 months, or both.
Due Diligence Defence for Directors
Where a director can demonstrate due diligence on his or her part with respect to
worker health and safety, he or she may avoid liability under the OHSA. Due
diligence refers to the employer’s legal responsibility to take every reasonable
precaution to prevent injuries and illness and prove that it has done so.precaution to prevent injuries and illness and prove that it has done so.
To aid in establishing the defence, a director should demonstrate that he or she has:
• created and overseen the successful implementation of a system to ensure
compliance with health and safety laws, including undergoing periodic audits;
• created a system to ensure that the Board receives reports on operation and
effectiveness of the system;
• were aware of industry standards in dealing with the risks faced by the
corporation and met those standards; and
• reacted immediately to, and worked to resolve, a system failure.
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27. Criminal Liability – Bill C-45 (Workplace Safety)
Bill C-45 is federal legislation that amended the Criminal Code and
became law on March 31, 2004 establishing new legal duties for
workplace health and safety.
Section 217.1 of the amended Criminal Code established a new
legal duty to prevent harm, which is applicable to all directors:legal duty to prevent harm, which is applicable to all directors:
“Everyone who undertakes, or has the authority, to direct how
another person does work or performs a task is under a legal
duty to take reasonable steps to prevent bodily harm to that
person, or any other.”
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28. Liability for Source
Deductions and Tax
RemittancesRemittances
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29. Liability for Source Deductions and Tax
Remittances
The Income Tax Act (Canada) (the “ITA”) requires corporations who make
payments such as salaries, benefits or other amounts to employees for providing
services to the corporation (see s.153 of the ITA for a list of applicable payments), to deduct
and withhold certain amounts from such payments and to remit those amounts to
the Receiver General.
Under s. 227.1, those individuals who were directors at the time a corporation
failed to make the required deduction or withhold or remit the amount at
issue, are joint and severally liable with the corporation for payment of those
amounts and any resulting interest or penalties.amounts and any resulting interest or penalties.
Limitations on Director Liability Under the ITA
• Revenue Canada must satisfy at least one of a number of conditions outlined
under the ITA before a director can be held liable.
• A director can avoid liability under the due diligence defence in s. 227.1(3) of
the ITA where he or she can demonstrate that he or she has exercised the
degree of care, diligence and skill to prevent the failure that a reasonably prudent
person would in comparable circumstances.
• No action can be brought against a director personally once two years has
passed since he or she sat as a director of the corporation.
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30. Liability for Source Deductions and Tax
Remittances - Continued
• Excise Tax Act (the “ETA”) – Subject to an available due diligence defence,
directors may be liable under the ETA for:
• Directing, authorizing or acquiescing in an offence under the ETA (s.96(3));
• Failure of a corporation to remit an amount of net tax as required under the ETA
(s.323); and
• Participating or acquiescing to the failure to file a return, making false or deceptive
statements in a return or other document required under the Act (ss.327 & 330).
• Canadian Pension Plan (the “CPP”) – Directors are jointly and severally liable• Canadian Pension Plan (the “CPP”) – Directors are jointly and severally liable
under the CPP for the employee and employer CPP contributions that the
corporation fails to remit (s.21.1).
• Employment Insurance Act (the “EIA”) - Under the EIA, where a corporation
fails to deduct and remit to the Receiver General the prescribed amount from the
remuneration paid to a person it employs in insurable employment together with
the employer’s premium, those directors sitting at the time of the failure incur
liability for these amounts, and any corresponding interest or penalties (s.82(1)).
• Directors are also liable under the EIA for making any false or misleading
representations in statements required under the Act (s.46.1).
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31. Liability Under
Other Statutes
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32. Liability Under Other Statutes
• Securities Legislation – Under the Ontario Securities Act (ss.122, 130, 130.1 &131),
directors can be held liable in respect of material false statements and omissions
of necessary statements contained in the required disclosure documents of the
corporation, including prospectuses and takeover bid circulars, unless that
director can prove one of the stated defences including failure to know of or
consent to the filing, a due diligence defence of reasonable grounds to believe
the statement was true, or reasonable reliance on what was purported to be a
statement by an official.
• Directors may also be liable for failure to make timely disclosure of material
changes as required under the Act (s 138.3(4).
• Insider Trading – Under the Ontario Securities Act, a director, considered an
insider to the corporation by virtue of his or her position, may be liable if found to
have partaken in insider trading, meaning (at the most basic level) trading
securities using material information that was not yet available to the general
public. Penalty includes the greater of $5,000,000 or three times the profit of
such a trade.
• Note: Section 382.1 of the Criminal Code now also prohibits insider trading and
conveyance of insider information (s.382.1) , making such an indictable offence with
liability of imprisonment for up to ten and 5 years respectively.
• Note: Both the CBCA (s.131) and OBCA (s.138(5)) also prohibit insider trading.
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33. Liability Under Other Statutes - Continued
• Bankruptcy and Insolvency Act (Canada) – Directors of a bankrupt
corporation may be found personally liable (for breaching the Act) simply upon
finding that the corporation has committed an offence under the act, and may
be convicted and subject to punishment therein (s.204).
• Competition Act (Canada) – Directors may be liable for failing to take
reasonable care to ensure that the corporation complies with the Act and
regulations or orders made thereunder (s.65(4)).
• Corporations Returns Act (Canada) – Directors may be liable for a
corporations failure to file a return or comply with such a demand (s.9(2) & (10)).
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corporations failure to file a return or comply with such a demand (s.9(2) & (10)).
• Consumer Packaging & Labelling Act (Canada) – Directors may be liable for
a corporations breach of the Act if conduct amounting to the breach was
directed or authorized by, assented to or participated in by the directors (s.20(3)).
• Corporations Information Act (Ontario) – Directors may be liable for
authorizing or acquiescing to: (i) the making of a statement submitted or
required under the Act that is false or misleading in regards to a material fact,
or which fails to state a material fact (s.13), and (ii) the corporation’s failure to
observe or comply with an order or requirement under the Act (s.14).
• Pension Benefits Act (Ontario) – Directors may be liable for failing to take
reasonable care to ensure that the corporation complies with the Act and
regulations or orders made thereunder (s.110(2)).

34. Liability Under Other Statutes - Continued
• Environmental Protection Act (Canada) - Section 280.1(3) of the Act
imposes a duty on directors to take reasonable care to ensure that the
corporation complies with the Act, its regulations and any orders or directions
made pursuant to the Act, or else be held liable for such breach.
• Subject to a due diligence defence (s.283), directors may also be liable for an
offence committed by the corporation if they were in a position to direct or
influence the corporation’s activities that led to the environmental violation or
disregard for the lives and safety of others, irrespective of whether the
corporation was prosecuted or charged (s.274 & s.280).
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• Environmental Protection Act (Ontario) – Similarly, section 194 of the
Ontario Act states that directors have a duty to take all reasonable care to
prevent the corporation from committing a number of environmental offences
including, but not limited to: illegal discharge of a contaminant, failure to
restore the natural environment following a spill, obstruction or refusal to
report information regarding the environment and impacts thereto, and
contravening orders issued under the Act.
• Liability of a director for breach of this statutory duty can result in fines of up to
$4,000,000 per day for a first conviction, and $6,000,000 on a subsequent
conviction.

35. Liability in Tort
Where a director fails to act within the scope of his or her authority,
the common law has held that he or she may be personally liable for
the indebtedness of the corporation.
• Note: A court may, for example, hold a director personally liable where it can be• Note: A court may, for example, hold a director personally liable where it can be
shown that the director acted in bad faith in inducing a breach of an employment
contract by the corporation.
Recent case law also suggests that a director may be personally
liable even if acting in accordance with his or her duty to act in the
best interests of the corporation, and not for self-serving purposes,
where he or she participates in a tort committed by the corporation.
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37. Who we are:
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In addition to advising on general corporate and commercial law
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Sara Josselyn practises in the area of corporate and commercial
law, providing advice to domestic and foreign clients in a wide array
of industries, including the financial services, technology,
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In addition to advising on general corporate and commercial law
matters for emerging/start-up companies to international private and
public companies, Ms. Josselyn has experience in domestic and
cross-border private mergers, acquisitions, divestitures, private
equity and corporate reorganizations.
stream and royalty acquisitions, strategic alliances and casino projects.
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43. Technology and Innovation Sector: Key NRFC
Practitioners
Mix of commercial, corporate and IP lawyers that entirely focus / have a
significant focus on the technology sector:
Toronto: Robert Percival, Peter Newell, Roger Watkiss, Brian Gray, Chris
Hunter, Mark Sajewycz, Matt Marquardt, Anthony De Fazekas, Lorelei
Graham, Lucas Thacker, Jocelyn Kearney + more
Montreal: Marc Tremblay, Jaques Lemieux, Christine Carron + more
Ottawa: Pierre Paul Henrie, Paul Amirault, Yves Caron, Martha Healey,
Calgary: Tony Morris, Harry Ludwig, Mike Flach, Elizabeth Williams,
Brandon Potter
Quebec: Kateri-Anne Grenier, Carl Tremblay
A number of others across all offices are involved in sector transactions,
but do not necessarily focus on it.
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