Does a fiduciary have to have informed consent to pursue a business opportunity that conflicts with the business of the company?
Ontario, Canada
The following excerpt is from Waxman v. Waxman, 2004 CanLII 39040 (ON CA):
As the trial judge accurately pointed out, the case law does not support this second requirement. Informed consent alone provides a defence even if the fiduciary is pursuing a business opportunity that conflicts with the business of the company: see Canadian Aero Services v. O’Malley, supra at p. 606.
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