Her new role draws on her expertise in ESG, team-building, and global real estate development
Corinne Pruzanski was recently appointed executive & chief legal officer at Cadillac Fairview. Her journey is marked by inspiration, strategic moves, and a commitment to mentorship and corporate governance.
Pruzanski’s desire to be a lawyer was initially driven by less realistic depictions of the profession. "I was one of those kids who grew up on LA Law and thought that looks like a glamorous, interesting, intellectually stimulating job," she recalls. However, that first vision of being a litigator transformed during her articling at Blake, Cassels & Graydon LLP. "I realized very quickly that my TV notion of litigation didn't exist in real life," she says, finding her true calling in the corporate real estate group.
Pruzanski’s experience in the United States significantly broadened her professional horizons. Soon after articling, she moved to New York, drawn to the city’s commercial real estate sector. She spent several years at Weil, Gotshal & Manges and Paul Hastings, immersing herself in complex real estate transactions.
After returning to Toronto in 2004, Pruzanski joined Stikeman Elliott LLP, where she soon became a partner. However, her career took a significant turn when she was approached by the Canadian Apartment Properties Real Estate Investment Trust, one of the firm’s major clients, to become their first general counsel. "The CEO at the time, Tom Schwartz, framed it beautifully for me: if you don't like it, you can always go back to Stikemans or use it as a stepping stone to something else, or you'll have a great career as a GC," she says.
Mentorship has been a cornerstone of Pruzanski’s career, reflecting her belief in its transformative power. At CAPREIT, she co-founded a mentorship program that spanned the company, not just within the legal department. She recalls thinking at that time, "We should start a formal mentorship program. We're big enough now, we're mature enough." The program's success was evident as it grew, with mentees eventually becoming mentors.
Her tenure at CAPREIT also involved leading significant real estate transactions. One of the most notable was CAPREIT's investment in Ireland and the subsequent public listing on the Irish Stock Exchange. This work was fraught with challenges, from navigating local legal and regulatory landscapes to setting up a tax-efficient structure. "Wrapping my head around the legal, regulatory environment for owning and managing real estate in Ireland … and then taking that company public on the Irish Stock Exchange was a fantastic opportunity for growth,” she says.
Pruzanski’s move to Cadillac Fairview was motivated by the opportunity to work with an iconic Canadian real estate company. "I grew up roaming the halls of the Eaton Centre. It's a name everybody in Toronto recognizes," she says. As the general counsel and corporate secretary, she is responsible for ensuring best practices in corporate governance and maintaining robust communication between the board and management.
In her view, one of the biggest challenges in corporate governance today is "right-sizing all of those best practices and engaging with board members who may be sitting on other boards that engage in some of these practices.” Balancing the implementation of governance principles tailored to Cadillac Fairview's specific needs while managing the board's expectations requires careful navigation.
Environmental, Social, and Governance (ESG) principles are also a key focus for Pruzanski. "The changing regulatory environment, the concern about greenwashing, and ensuring that we don't participate in that, is certainly on my radar," she says. Pruzanski is also passionate about the social aspect of ESG, particularly in terms of corporate philanthropy and community involvement.
The real estate sector presents unique legal challenges, especially given the current economic climate. "The housing crisis in Canada is something we want to be a part of the solution for," she says. Additionally, the office and retail sectors, which comprise a large part of Cadillac Fairview’s portfolio, face substantial challenges. "We've got great office buildings, but obviously, offices as a sector is challenged."
Risk management is another crucial area in which Pruzanski can apply her expertise, including data protection and monitoring evolving privacy legislation. Her prior experience with GDPR in Europe has equipped her to handle challenges that arise in Canada and beyond.
Leading a sizeable legal team spread across multiple locations is a significant responsibility. With over 40 people under her management, Pruzanski is focused on building a cohesive team that partners effectively with the business. Her approach emphasizes integration, engagement, and ensuring the legal department speaks with one voice.
Technology is pivotal in Pruzanski’s legal operations strategy and broader business solutions. "We are exploring [artificial intelligence], of course. It's 2024; if you're not talking about Gen AI, what are you even doing?" she quips. Digital tools are integrated to improve efficiency and enhance client experiences.
Pruzanski also advocates for maintaining robust relationships with external law firms. "I think that if you're a business that's going to grow, you need good, strong external legal partners," she says. She emphasizes that the relationship requires open communication and mutual understanding to ensure it remains effective.
Diversity and inclusion are critical issues that Pruzanski is passionate about, particularly in the legal profession. She acknowledges the need for greater diversity beyond gender, recognizing the broader spectrum of EDI. “I think it's on me to ask for more diversity if I'm not seeing it and if it's not being brought to me by my law firms.”
Pruzanski says there is sometimes a lack of understanding about what it means to be a general counsel, emphasizing the importance of being a business partner to the executive team, not just a legal advisor. "The GC role is super fun when you have a seat at the executive table."
