Most provinces don’t publish a list of companies who correct their financial statements. So I’m doing it for themMore than two decades ago, the folks at the Ontario Securities Commission had an idea for a new form of disclosure: Any time a company had to make a correction in its securities filings, its name would go on the regulator’s website, with an explanation of the problem.
Most of the companies on this new nationwide list are small, but not all. Several companies in the S&P/TSX 60 index refiled for various reasons. One overstated the assets of subsidiaries guaranteeing a debt offering. Another left out disclosure in five of its certifications of financial statements. And yet another left gross profit out of a table. Turquoise Hill Resources Ltd.
The story of The Globe’s brand-new national refilings and errors list wouldn’t be complete without the tale of how it came together. What happened next is a triumph for open records in this country. With their Secret Canada project, my colleagues documented many cases of aggressive and obstinate noncompliance with the laws that were written to give Canadians access to public documents. The attitude of far too many public servants – if they can be called that – is that the average Canadian has no right to know.
Other provinces had very little to report. Manitoba Securities Commission spokesperson Ainsley Cunningham said no issuers in the province had corrected their disclosure in the four years from 2020 to 2023. “Refiling of continuous disclosure has not been an issue in Manitoba,” she said.
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