May 14, 2014

Consultation on the Canada Business Corporations Act

The Institute for Governance (IGOPP) submitted his comments to Industry Canada in response to the Consultation on the Canada Business Corporations Act (CBCA).. We will examine these issues individually to formulate specific recommendations in each case.

In its comment document, the IGOPP covered the following topics:

  • Shareholder advisory votes on compensation packages
  • Diversity of board membership
  • Equal treatment of shareholders
  • Parties who can claim oppression
  • Adding a minimum holding period for the right to nominate director

The consultation was launched by Industry Canada on December 11, 2013 to ensure that the governance framework for CBCA corporations remains effective, fosters competitiveness, supports investment and entrepreneurial activity, and instills investor and business confidence.