Canada: update on governance reform legislation

A Bill that will, when enacted, make changes to the governance framework by amending the Canada Business Corporations Act, the Canada Cooperatives Act, and the Canada Not-for-profit Corporations Act, was introduced in the House of Commons earlier this year and received its first reading at the end of September. The Bill has now completed its second reading and has been referred to the Standing Committee on Industry, Science and Technology: see here. The second reading speeches can be read here.

The text of the Bill is available here and further information is available here and here. Among the changes proposed are those relating to the election of directors (including annual elections and votes for individual directors), the disclosure of information regarding board diversity and communications with shareholders.