Redwater ).
Redwater is
now a sentinel decision for the energy industry in Alberta,
confirming the importance of environmental, reclamation and
remediation obligations and liabilities. In
Redwater,
the SCC determined that a trustee in bankruptcy is not permitted to
renounce uneconomical oil and gas assets and leave these assets to
be remediated by the Orphan Well Association
(
OWA ) to avoid the environmental
liabilities of the estate it is administering.
Following the
Redwater decision and since
early 2020, Alberta committed to actively reducing the inventories
of orphan and inactive well sites in the province. According to
the OWA, as of January 1, 2021, orphan inventory
On January 14, 2021, Laurel Hill Advisory Group
(
Laurel Hill ) and Fasken hosted a
webinar on ESG (environmental, social and governance)
considerations of which companies should be aware for the upcoming
2021 proxy season. The webinar s panelists were David Salmon of
Laurel Hill and Emilie Bundock, Stephen Erlichman and Grant
McGlaughlin of Fasken and was moderated by Gordon Raman of Fasken.
Set out below are some of the comments made by the speakers on the
webinar.
Background
The importance of ESG considerations in today s corporate
governance model has developed over the past 50 years. In the early
1970 s the Milton Friedman view of corporations was the
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The Alberta Energy Regulator (AER) has announced all oil and gas
licensees will have to provide a financial summary in addition to
the existing requirement to provide financial statements in order
to maintain eligibility to hold oil and gas licenses. This change
is to be implemented through a proposed new edition of
AER
Directive 067: Eligibility Requirements for Acquiring and Holding
Energy Licenses and Approvals. The financial summary will be
in addition to the compliance history about the licensee, its
affiliates and directors and officers already required by
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New guidance on automatic securities disposition plans (ASDPs)
published by the Canadian Securities Administrators on December 10,
2020 focuses on the reduction of the potential for improper insider
trades and enhancing transparency around the establishment and use
of ASDPs.
Automatic Securities
Disposition Plans (the Staff Notice) notably sets out the
following recommendations:
Oversight by the issuer when establishing and using ASDPs to
seek to ensure compliance with securities legislation and any
insider trading or internal policies of the issuer.
Establishment of a term for the ASDP that is sufficiently long