Q1 | Torys Quarterly • Winter 2022
Changing direction: Canadian business outlook 2022

Business strategy meets another year of disruption. From the dealmaking boom to the call to respond to climate change, Torys looks at the new course being charted and what it means for business in 2022.


Market outlook

A record-breaking year of dealmaking in 2021 has laid a path for a busy M&A environment in 2022 despite choppy economic waters. The technology sector continues to drive demand in market activity, as well as emerging payments practices, adjustments in evolving global tax rules and more.

Economic factors like inflation and disrupted labour markets take a relatively long time to correct. There is no quick or easy fix, and the fix may itself be painful (e.g., increased interest rates). When it does occur, expect an adjustment to take time to play itself out.
— 2022 restructuring trends: the status quo of having no status quo

On the governance watchlist

Topping corporate governance agendas in 2022 are critical and often competing priorities, as management and directors look to execute the company’s strategy on everything from climate change and cybersecurity to talent management and executive compensation.

In light of the war for talent, it is imperative that boards have confidence that management is developing a robust pipeline of potential successors and is creating and cultivating an inclusive workplace of choice.
— Key priorities for boards in 2022

Dispute risks in the year ahead

Courts were busy in 2021, shedding new light on contract law, and releasing new rulings that will have implications for employers as well as for companies looking to collect or leverage consumer data.

Businesses considering using data or insights generated through screen scraping should be aware of the legal risks associated with this technology, including where the data collection is done by a vendor.
— The screen scraping risk landscape in North America: regulatory and litigation developments

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