As part of the Economic Action Plan 2015, announced earlier this year, the Canadian Federal Government is proposing several governance related amendments to the Canada Business Corporations Act: see here. The purpose of these amendments, to quote directly from the action plan, is:" ....to promote gender diversity among public companies, using the widely recognized 'comply or explain' model of disclosure currently required for TSX-listed companies and by most provincial securities regulators. Amendments will also be proposed to modernize director election processes and communications with shareholders and to strengthen corporate transparency through an explicit ban on bearer instruments, through which the identity of the owner can be concealed. Amendments to related statutes governing cooperatives and not-for-profit corporations will also be introduced to ensure continued alignment among federal laws".
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