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Shadows And Light: Addressing Information Asymmetries Through Enhanced Social Disclosure In Canadian Securities Law, Aaron A. Dhir

Aaron A. Dhir

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 …