On December 11, 2013, The Honourable James Moore, Minister of Industry, announced the launch of a public consultation on the Canada Business Corporations Act (CBCA) to help identify ways in which the CBCA can better promote important corporate governance policy objectives.

The government listed the following issues that have been identified for review as part of the consultation process:

  • greater transparency of the ownership of corporations to help ensure that they are not used for tax evasion, money laundering or terrorist financing
  • the adequacy of corporate governance legislation in preventing bribery and corruption
  • the diversity of corporate board members and management teams
  • the rules for takeover bids
  • the use of the CBCA’s arrangement provisions to restructure insolvent businesses, and
  • the role of corporate social responsibility.

Comments on the consultation are due March 11, 2014.