Monday, January 16, 2017

Federal government puts public companies on notice with diversity bill - CANADIAN LAWYER MAGAZINE

by Jennifer Brown 
Originally published: January 16, 2017

The federal government says it won’t rule out quotas if its latest attempt to increase gender diversity on corporate boards using a “comply and explain” approach doesn’t work. 

Speaking last Thursday in Toronto, federal Minister of Innovation, Science and Economic Development Navdeep Bains spoke to a Women in Capital Markets seminar at Stikeman Elliott LLP about bill C-25, An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act. It was tabled in the House of Commons in late September. It has now passed second reading.

The bill requires corporations to disclose the number of women on boards and in senior management, as well as divulge their diversity policies to shareholders, as well as provide diversity information to the director of corporations Canada, the country’s federal corporate regulator.