Minister Navdeep Bains welcomed Royal Assent of Bill C-25

Bill C-25, legislation that encourages diversity and gender equality on corporate boards, has received Royal Assent!

Hon. Navdeep Bains, Minister of Innovation, Science and Economic Development, welcomed Royal Assent of Bill C-25 today as a major step toward making corporations more transparent, inclusive and reflective of Canada’s diversity.

Bill C-25 makes targeted amendments to four key federal marketplace laws:

• the Canada Business Corporations Act
• the Canada Not-for-profit Corporations Act,
• the Canada Cooperatives Act and the Competition Act.

Marketplace framework laws set the ground rules for how Canadian businesses operate, promoting investor confidence and a competitive marketplace.

The amendments will help shareholder democracy and participation, improve corporate transparency, and advance gender equality and diversity in Canada’s boardrooms.

This new legislation is in line with the Government of Canada’s commitment to equality and growth for a strong middle class.

Minister Bains said, “When we come together in our community, in the workplace or on a board of directors, our diversity and our experiences are what bring unique ideas to the table. The best ideas can come from anyone or anywhere. Progress can take time, but we encourage corporate Canada to rise to the challenge because diversity is our strength.”

• Women make up 48% of the workforce but hold an estimated 14% of all Canadian board seats and approximately 22% of the board seats in Financial Post 500 companies.
• To encourage diversity on boards and in senior management of publicly traded companies that are federally incorporated, regulations are being drafted under the new legislation to ensure they release figures on board diversity and information on the nature of their diversity policies.

-