Section 215. Reliance on information provided by others

(1) A director in exercising his duties as a director may rely on information, professional or expert advice, opinions, reports or statements including financial statements and other financial data, prepared, presented or made by—

(a) any officer of the company whom the director believes on reasonable grounds to be reliable and competent on the matters concerned;

(b) as to matters involving skills or expertise, any other person retained by the company in relation to matters that the director believes on reasonable grounds to be within the person’s professional or expert competence;

(c) another director in relation to matters within the director’s authority; or

(d) any committee to the board of directors on which the director did not serve in relation to matters within the committee’s authority.

(2) The director’s reliance made under subsection (1) is deemed to be made on reasonable grounds if it was made—

(a) in good faith; and

(b) after making an independent assessment of the information or advice, opinions, reports or statements, including financial statements and other financial data, having regard to the director’s knowledge of the company and the complexity of the structure and operation of the company.