Craig Lockwood

Staff of the Ontario Securities Commission alleged that a reporting issuer and seven of its former officers and directors contravened Ontario securities law by making materially misleading disclosures regarding copper production and financial performance, failing to maintain adequate internal controls, and providing inadequate risk disclosure.

The respondents admitted to the contraventions and to conduct contrary to the public interest.

The Commission approved a settlement agreement requiring the corporate respondent to make a $28.5 million voluntary payment and pay $1.5 million in costs, while the individual respondents agreed to pay administrative penalties ranging from $350,000 to $2.45 million, pay $50,000 each in costs, and be subject to director and officer bans.

The Commission found the settlement fell within a range of reasonable outcomes and was in the public interest.

During a hearing to review a decision of the Toronto Stock Exchange regarding HudBay Minerals Inc.'s proposed acquisition of Lundin Mining Corporation, HudBay and Lundin requested confidentiality orders for certain documents filed in evidence.

The Ontario Securities Commission considered the open court principle and the test for confidentiality under section 9(1) of the Statutory Powers Procedure Act and the Supreme Court's decision in Sierra Club.

The Commission granted confidentiality for documents that were not relevant to its decision on the merits, including handwritten notes and a financial presentation.

However, it ordered that relevant documents, such as special committee minutes and an engagement letter, be made public, subject to minor redactions for third-party sensitive information.