The second day of the Canadian-Transnational Network in Law & Business’s 2026 Conference sparked discussions on corporate power, accountability and the evolving role of business law. Organized by Osgoode Hall professors Martin Petrin and Barnali Choudhury with McGill’s Professor Peer Zumbansen, the event brought together Canadian and international scholars. Under the theme “Power and the Role of Business Law”, four panels examined structural, historical, legislative and transnational approaches to shaping corporate behaviour. The conference was held on September 25.
The first panel considered underlying elements of corporate entities and decision-making. Fenner Stewart traced the historical evolution of the business judgment rule in Canada. Simone Sepe proposed using formal pragmatics in mergers and acquisitions to improve the consistency of contractual interpretation. P.M. Vasudev framed incorporation in Public Grant Theory terms, arguing that contractually focused theories understate the legislative foundations of separate legal personality.
The second panel focused on balancing corporate, state and shareholder power. Jonathan Chan discussed the Ontario Court of Appeal’s recent decision in Binance Holdings Limited v. Ontario Securities Commission, questioning whether applying the Charter to investigatory summons strikes the right balance between regulators’ power and corporate privacy rights. Alessio Bartolacelli and Virginijus Bitė discussed the steward ownership model, which separates financial rights from decision-making power. Daniel Wilson suggested financial and tax incentives, rather than decreased regulation, could help counter declining Canadian IPOs.
The third panel moved to a broader discussion about corporate purpose, sovereignty and transnational law. Douglas Sarro proposed finding common ground in the shareholderism versus stakeholderism debate on acceptable limits for corporate conduct. Richard Janda discussed the challenges when states delegate powers to corporations and later try to reclaim that authority. Natasha Affolder highlighted examples of international soft law applying to private law issues, arguing for transnational legal literacy as a foundational competency.
The fourth panel considered how business law can address power imbalances between corporations and affected individuals. Galit Sarfaty explored the growing use of artificial intelligence in corporate human rights due diligence for supply chains, raising concerns about over-reliance on tools that cannot substitute human judgment. Poonam Puri examined the use of shareholder proposals in Canada and the United States to bring social and environmental concerns before management. From a legal education perspective, Gail Henderson argued that greater attention to consumer protection in law school curricula could improve awareness of consumer rights.
The presenters encouraged the audience to look beyond conventional understandings of business law. The discussions stressed the expansive and multinational nature of corporate power, prompting reflection on its reach into the public sphere. The Canadian-Transnational Network in Law & Business was launched by McGill Law in 2025 under Professor Peer Zumbansen to support research on business law and emerging social challenges. The conference was preceded by a Junior Faculty Forum for early career researchers. The third annual conference and second Junior Faculty Forum will be held at the University of Ottawa in 2027.