Current Wording 163. The shareholders of a corporation that is not required to comply with section 160 may resolve not to appoint an auditor. Proposed Wording 163. The shareholders of a corporation that is not a distributing corporation may resolve not to appoint an auditor. The proposed changes are designed to address the concerns of auditors that they should not be summarily dismissed.
Auditors play an important role in protecting shareholder interests.
In a situation where the auditor is not dispensed with, shareholders should be entitled to a formal explanation for the auditor's proposed replacement. Current Wording 168. Proposed Wording 168. CBCA Section No. This change will help protect individuals who make an oral or written communication to the auditor.