CIRI Issues Advocacy Update: CIRI's Submission on the Ontario Business Corporations Act
CIRI has made a submission to the Ontario Ministry of Government and Consumer Services on the Ontario Business Corporations Act. This submission focused on the recommendations made by a panel of experts outlined in Business Law Agenda – Priority Findings and Recommendations Report
as well as shareholder disclosure.
CIRI recommended that regulations be put into place or a mechanism be developed whereby issuers can access a list of their shareholders in an effort to improve issuer-shareholder engagement and, ultimately, governance practices. Such legislation does exist in other jurisdictions that are similar to Canada’s including the United Kingdom and Australia.
CIRI’s submission also recommended that the Ministry:
take into account technological advancements and are written in plain language;
allow 'for', 'against' and 'abstain' as voting options on proxy forms;
eliminate the residency requirement for Boards of Directors;
eliminate the OBO/NOBO model; and
consider all relevant regulations, corporate and securities, to ensure alignment.
To view the complete submission, click here