Corporate information available at GN registry

The editorial, “Shareholders’ rights in Nunavut” (Sept. 6), highlighted the importance for Inuit beneficiaries to have access to information about certain birthright corporations.

I wish to clarify the obligations of different types of corporations to disclose information and to identify a few sources for that information.

Every corporation must disclose some information depending on the specific legislation under which it is incorporated and governed.

With a few exceptions, most corporations in Nunavut must register in the corporate registry at Legal Registries Division of the Nunavut Department of Justice, where certain public information is available. Anyone may check a corporation’s file by contacting Legal Registries at the first floor of the Brown Building in Iqaluit, phone: 975-6190, fax:
975-6194.

For the three regional Inuit associations, Legal Registries has public information showing they are incorporated as non-profit societies under the Nunavut Societies Act. Under that act, societies do not issue shares, but have non-transferable memberships. They must hold an annual general meeting at which financial statements must be presented to members, and they must file financial statements, notices of directors and certain corporate amendments with the Legal Registries office, which becomes public information.

For a business incorporated under the Nunavut Business Corporations Act, the available public information includes the Articles and Certificate of Incorporation, current directors, and the registered office address.

Under this act, shareholders have the right to attend annual general meetings, receive financial statements and to vote on fundamental changes. Other examples are business and non-profit corporations incorporated under the laws of another jurisdiction. To operate in Nunavut, most of these must register at Legal Registries, and file information similar to that filed by Nunavut business corporations.

In the case of public corporations, whose shares are offered for sale to the public and are typically traded on a stock exchange, securities legislation creates additional disclosure obligations such as making financial statements public.

A good starting point to find information in regulatory filings by public corporations in Canada is through a Web site at www.sedar.com.

Gary Crowe
Director of Legal Registries Division
Department of Justice
Government of Nunavut