Bill C-25, (the "Bill"), which proposes
amendments to the Canada Business Corporations Act (the "CBCA"), was passed by the House
of Commons on June 21, 2017 and is currently in the final stages of
the legislative process.1
The Bill and its draft regulations (the "Proposed Regulations") cover
four main areas of interest to federally incorporated public
companies: the election of directors; diversity disclosure;
shareholder communications; and house-keeping amendments.
On March 22, 2018, the Bill passed third reading in the Senate
with amendments made to the original version passed by the House of
Commons. On April 19, 2018, the House of Commons adopted the Senate
amendments ensuring that both houses of Parliament approve of the
final version of the Bill. Royal assent of the Bill is the next
step. Not all of the provisions of the Bill will be effective upon
royal assent because certain amendments, as detailed below, will
only come into force upon an order in council.
