What is the standard for determining whether a director exercised care, diligence and skill of a reasonably prudent person?
Canada (Federal), Canada
The following excerpt is from Short v. Canada, 1999 CanLII 8036 (FC):
More general guidance, however, is provided by the very useful judgment of Robertson J.A. in what is now the leading case of Soper v. R., 1997 CanLII 6352 (FCA), [1998] 1 F.C. 124 (F.C.A.), where the standard established by subsection 227.1(3) was described as "subjective- objective". This means that whether the director exercised the care, diligence and skill of a reasonably prudent person is to be determined by taking into account some at least of the personal characteristics of the individual in question.
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