3.10.11 - “A re-elected Liberal government will […] [a]dapt and apply the Canada Business Corporations Act diversity requirements to federally regulated financial institutions, applying an intersectional lens to ensure diversity.”
Companies governed by the Canada Business Corporations Act (CBCA) are required to provide information on their corporate diversity policies and practices.
“The directors of a prescribed corporation shall place before the shareholders, at every annual meeting, the prescribed information respecting diversity among the directors and among the members of senior management as defined by regulation.”
Canada Business Corporations Act - Governement of Canada
This report attempts to promote an intersectional perspective to foster diversity in all senior public service positions. However, the report makes no mention of the need to promote diversity in senior positions in the financial sector.
“The Clerk of the Privy Council and Secretary to the Cabinet released the Call to action on January 22, 2021. The Call to action highlighted the need to make meaningful change in addressing barriers and disadvantages. Specially, Public Service leaders are called to appoint, sponsor, support, and recruit Indigenous, Black and other racialized individuals to the public service and towards leadership positions. Public Service leaders were also called on to invest in developing inclusive leadership skills and in establishing a sense of belonging and trust for all public servants.”
Moving Towards Diversity, Equity and Inclusion - Parole Board of Canada
“Federal distributing corporations, including venture issuers, created under the Canada Business Corporations Act (CBCA), now need to disclose information to their shareholders and Corporations Canada on the diversity of their boards of directors and senior management teams.”
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