New CBCA Diversity Disclosure Requirements Are Coming Into Force January 2020

Effective January 1, 2020, Distributing Corporations (which include venture issuers) governed by the Canada Business Corporations Act (CBCA) will be subject to new disclosure requirements relating to the diversity of their board of directors and senior management (the New Disclosure Requirements). Bill C-25, An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-Profit Corporations Act and the Competition Act, received royal assent on May 1, 2018 with the goal of improving corporate transparency and encouraging corporations to consider a broader range of candidates and skill sets among their senior leaders. The New Disclosure Requirements will be implemented pursuant to amendments to the CBCA and the Canada Business Corporations Regulations, 2001 (the Regulations).