Innovation, Science and Economic Development Canada

Innovation, Science and Economic Development Canada

September 28, 2016 16:13 ET

The Government of Canada Introduces a Bill to Promote Corporate Transparency and Diversity

OTTAWA, ONTARIO--(Marketwired - Sept. 28, 2016) - Innovation, Science and Economic Development

Canada's business framework laws play a key role in ensuring that investors have confidence in the way corporations are governed. This confidence contributes to economic growth that benefits all Canadians. Given that today's marketplace operates in a rapidly changing environment, it is critical that business frameworks provide a foundation on which companies can innovate and grow to scale in the modern economy.

The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, today announced the tabling of a bill entitled An Act to amend the Canada Corporations Business Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act. The bill introduces amendments that will increase shareholder democracy and participation, support the push to increase women's participation on corporate boards and in senior management, and improve corporate transparency and business certainty while reducing regulatory burden.

These changes allow Canada's framework laws to better reflect modern ways of doing business and make it easier for companies to harness their innovations to grow and succeed.

The targeted amendments to the federal framework laws will also help position businesses for the future as the marketplace evolves in the global, knowledge-based economy.

Quote

"By adopting best practices and bringing our business frameworks up to date, the Government of Canada is demonstrating its commitment to broad-based growth that benefits all Canadians. We are also showing our support for diversity, particularly in increasing the participation of women on corporate boards and senior management teams. A strong corporate governance framework enhances investor confidence, business efficiency and economic growth. That means creating more of the well-paying jobs that benefit the middle class and those working hard to join it."

- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

Quick facts

  • Canada's corporate governance frameworks are recognized internationally for their efficiency.
  • In 2015, the World Bank ranked Canada second among 189 economies for a regulatory environment that is conducive to starting a business and seventh in protecting investors.
  • The Canada Corporations Business Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act represent several key business framework laws in Canada.
  • The most recent comprehensive amendments to the Canada Business Corporations Act were made in 2001.

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Follow Minister Bains on social media.

Twitter: @MinisterISED

Contact Information

  • Philip Proulx
    Press Secretary
    Office of the Minister of Innovation,
    Science and Economic Development
    343-291-2500

    Media Relations
    Innovation, Science and Economic Development Canada
    343-291-1777
    ic.mediarelations-mediasrelations.ic@canada.ca