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ARTICLE · 08 OCTOBER 2020

Ontario Business Laws Modernized: Shareholder Approval Thresholds, Director Residency Requirements

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The Ontario Government is proposing to amend the Ontario Business Corporations Act in an effort to allow both public and private Ontario corporations to operate with more flexibility.

CanadaCorporate/Commercial Law
Karen Hennessey
Karen Hennessey
Ryan Campbell
Ryan Campbell
Martin Roy
Martin Roy
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The Ontario Government is proposing to amend the Ontario Business Corporations Act in an effort to allow both public and private Ontario corporations to operate with more flexibility.

On October 6, 2020, the Government of Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020 that addresses certain issues affecting the business community in Ontario and seeks to make Ontario a more welcoming province for business. The Bill does so by amending the Ontario Business Corporations Act to:

  • Eliminate the long-standing requirement that at least 25% of the directors of an Ontario corporation be Canadian residents; and
  • Lower the approval threshold for written shareholder resolutions passed in lieu of a meeting, from unanimity to a majority, in the case of privately held corporations only.

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