The federal government's omnibus budget implementation bill
(Bill) received royal assent on June 21, 2019, the last sitting day
of the House of Commons and Senate before breaking for the summer.
Accordingly, certain significant amendments to the Canada
Business Corporations Act (CBCA) are now in force, while
further amendments are subject to being proclaimed into force by
the Governor in Council.
These CBCA amendments codify into statute some of the principles
relating to directors' duties set out in the Supreme Court of
Canada (SCC) 2008 decision BCE Inc. v. 1976
Debentureholders (BCE). They also require that certain
CBCA corporations develop an approach to remuneration, hold an
annual advisory "say-on-pay" vote, and provide annual
disclosures on diversity (including, but not be limited to,
Aboriginal Peoples, persons with disabilities, members of visible
minorities ― each as defined by the federal Employment
Equity Act), compensation clawback mechanisms and
