Corporations Canada Seeking Feedback On Proposed CBCA Regulations

In June 2019, the federal government adopted the Budget Implementation Act, 019, No. 1 (Bill C-97), which resulted in several notable amendments to the Canada Business Corporations Act (CBCA). Among these were amendments (Amendments) that will require certain CBCA corporations to provide disclosure on compensation clawback mechanisms and the well-being of employees, retirees and pensioners, and hold annual advisory “say-on-pay” votes (see our April 2019 Blakes Bulletin: Broad Changes to CBCA Proposed: Directors' Duties, Additional Disclosure and Annual Say-on-Pay).

The coming into force of the Amendments is tied to the implementation of associated regulations identifying the corporations to be subject to the Amendments, prescribing the time, manner and content of new disclosure obligations and defining certain key terms. As set out below, Corporations Canada, through Innovation, Science and Economic Development (ISED), has published a consultation setting out its