Can a director be held liable for any loss arising from a "heated meeting" where he made comments at a meeting about being responsible for an investment?
British Columbia, Canada
The following excerpt is from Bougainville Investment Corp. v. Semple, 2013 BCSC 1919 (CanLII):
In Licenses Insurance Corporation v. Lawson (1896), 12 T.L.R. 501, the court was faced with similar circumstances where a director made certain comments at a “heated” meeting about being responsible for an investment and that he would pay for any loss arising from that investment from his own pocket. The court found that the parties did not reasonably believe that the director had agreed to be liable to make good any loss. Rather, the statement was regarded and treated at the time as an indication or representation of what the director then intended to do and was one of intention only.
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