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ARTICLE · 20 DECEMBER 2019

British Columbia Shareholder Transparency : 2020

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On May 1, 2020, as a result of amendments to the Business Corporations Act (British Columbia), each British Columbia private company must have in place and thereafter maintain a transparency register.

CanadaCorporate/Commercial Law
Barbara Wohl
Barbara Wohl
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On May 1, 2020, as a result of amendments to the Business Corporations Act (British Columbia), each British Columbia private company must have in place and thereafter maintain a transparency register which lists potentially sensitive information about certain "significant individuals" who own or control a significant number of its shares or who control the selection of a majority of its directors. 

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British Columbia companies will have to search behind registered shareholders to determine which individuals ultimately have true control of the company, whether or not those individuals are currently listed on the share register. The shield of anonymity that those shareholders have previously enjoyed will be gone, and although the transparency register will not be available to the general public, the company's directors, certain law enforcement officials and regulators will have access to it.

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