CANADIAN UPDATE – Significant changes in proposed amendments to Canada Business Corporations Act
On September 28, 2016, the Canadian federal government introduced Bill C-25: An Act to amend the Canada Business Corporations Act et al. The proposed amendments are the culmination of the first substantive review of the Canada Business Corporations Act (the CBCA) in 15 years and are the result of a consultation process initiated in 2013. The stated objectives of the proposed amendments are to, among other things:
- reform the process for electing directors of certain corporations;
- modernize communications between corporations and their shareholders; and
- require disclosure of information respecting diversity among directors and senior management.
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