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Graeme How does the oversight from the security commissions compare?
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Tommy Lorraine, have you ever seen any Issuers get into trouble with social media? Anything specific to watch out for?
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Lorraine Hi Graeme. Do you mean is there a different level of oversight of companies listed on the two exchanges?
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Lorraine Social media is really tricky. There are a lot of potential pitfalls. Two things I'd watch out for is allowing shareholders to comment on a company's Facebook page and then responding publicly.
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Lorraine The other thing I'd watch for is TWitter. It's easy for companies to get in trouble if they don't provide links to the full disclosure docoument.
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Lorraine Companies really shouldn't use social media unless they've put a social media policy in place.
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Tommy Lorraine, you're scaring half my users away! Lol
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Tommy So rule of thumb: stick to what's publicly disclosed and always link to sedar or press release ?
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Lorraine That's right.
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Tommy what about CEOs putting their news releases into layman's terms on social media? Should that layman's comment be duplicated in the news release?
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Lorraine That's a good question. It would be best if the news release was in plain English to start with. And I know that can be tough sometimes if the material is complex.
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Tommy if I am an entrepreneur and want to raise 1 million bucks publicly for my now private venture, how much of that capital do I need to earmark for the costs associated with being public over two years? Approximately
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Tommy which types of companies are best suited to public venture-capital? When does it make more sense than staying private in your opinion? And have you done any work in crowdfunding yet?
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robmcleod Brandon, Lorraine is on the #lorraine-pike-q-and-a page
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Lorraine That's a lot of questions! These days it's hard to raise money in the mining sector. I'm seeing the biotech companies have more success and that area is emerging more and more here, where before I think it was more common in Toronto.
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Brandon Another question: what's your feelings on oversight from the TSX-V vs CSE? My impression with the V is that when two parties agree they insist on wedging themselves into the decision and when two parties disagree they want nothing to do with it. They're in your face when you don't want them and then totally absent when you do.
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Tommy Sorry, very very very ADD person
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Tommy Sounds like a major hassle Brandon
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cooperquinn_wy shouldn't you have a social media policy in place for employees anyway?
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cooperquinn_wy not to mention on a corporate level...
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Tommy Can't we just get a template social media policy for everyone?
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Lorraine Going public gives a company access to a broader investor base and a way for investors to monetize.
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Brandon It is. If they don't want to supplant the responsibilities of the courts in disputes I'm unclear as to why they want to supplant the responsibilities of the BoD normally.
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cooperquinn_wy hahah... you can, tommy. you can indeed. http://lmgtfy.com/?q=social+media+policy+template
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Lorraine I'm trying to catch up with the questions. LOL
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Tommy I'll shut up for a minute lol
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cooperquinn_wy also, with the coming facebook updates, it'll become much less relevant to anything but large companies.
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cooperquinn_wy twitter is still somewhere it'll matter, though .
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Lorraine Both exchanges are involved when there is a transaction; the TSXV is much more "hands on". The CSE want to know what you're up to and they want to have a say in certain things, usually major transactions but they stay out of the day to day stuff.
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Lorraine Coming back to social media, companies should definitely have their employees agree to and sign a social media policy regardless of whether they are public or private.
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cooperquinn_wy You'd think that would go without saying... but it doesn't at all. The Canadian Coast Guard didn't have a policy for employees until there was an incident.
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Lorraine I agree. That is usually the way.
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Lorraine Many organizations are more reactive than proactive.
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Robmcleod Media policy in general. III was completely unprepared obviously when Mt. Polley spill happened; media with microphones in secretaries face when management was on holiday.
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cooperquinn_wy Its hard if you're small, i think. And Imperial is much less small than most YVR jrs.
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Tommy if I am an entrepreneur and want to raise 1 million bucks publicly for my now private venture, how much of that capital do I need to earmark for the costs associated with being public over two years? Approximately
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Lorraine A lot of times the recommendations for things such as a media policy, or to implement a crisis management protocol are ignored - no one thinks it will happen to them and when it does there are so many voices telling them what to do it is challenging.
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Brandon Just like how IT security is ignored until you wire a hacker $10M by accident.
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Tommy as an entrepreneur tho, IT security and corporate social media policy won't be front of mind if you're fighting to keep the venture alive
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Tommy exchanges could do more to provide the templates businesses need on these and so many fronts
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Lorraine That's exactly it, Tommy. Management is focused on keeping the business going.
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Lorraine I'm looking up those numbers for you on the capital required - I just did this exercise for a client.
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cooperquinn_wy True, but there's no reason you shouldn't at least HAVE a policy. Same reasoning behind having a drug policy. You need one, you should have one, hopefully it shouldn't ever matter. I can get behind what you're saying with a template of "here's all the sh*t you should probably think about, but haven't"
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Lorraine It's my daily struggle - getting CEO's to listen and adopt a policy that will help them in the long run.
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cooperquinn_wy #thestruggleisreal
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cooperquinn_wy hahah.... and wow, Brandon, totally missed the $10M reference until right now. OOPS.
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Tommy Lorraine, I appreciate you are very busy keeping Vancouver's promoters on the straight and narrow. You can always return to this URL to answer any further questions and we really do appreciate your time. Before you go, please tell us what an engagement with you looks like (contract length and $$), and how we can reach you? Thanks Lorraine!
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Lorraine So, if you're an entrepreneur who has raised that $1m, better count on about 40% of it going to listing costs, audit and legal and your first year's overhead. Ongoing costs depend on how your "C" level expects to be paid, how aggressively you promote and just how active the business is.
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Lorraine Thanks Tommy. My terms are pretty flexible and I offer a range of services. Companies use my services in different ways from helping with those policies, to working closely on listing documents with their lawyers, to ongoing corporate secretarial and governance advising to the board. My rates can be hourly ($85/hr) or a regular monthly fee based on an annual contract depending on the services you need. You can reach me at lp@corpsec.ca.
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Tommy Big thank you to Lorraine Pike, consulting corporate secretary, for participating in the #lorraine-pike-q-and-a today about #CSE vs #TSXV and #social-media policies for public companies. CEO Chatters, do give Lorraine a shout for a second opinion on any of your corporate work - expect professional and personable service always. lp@corpsec.ca Thank you, Lorraine!
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