An Act to amend the Investment Canada Act (disclosure of undertakings and demands)

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

This bill was previously introduced in the 40th Parliament, 2nd Session.

Sponsor

Claude Gravelle  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of Dec. 7, 2009
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Investment Canada Act to require the responsible Minister, on written application by a Canadian citizen, to publish in the Canada Gazette the information contained in
(a) all written undertakings given under this Act to Her Majesty in right of Canada by a non-Canadian in respect of those investments identified in the application; and
(b) all demands sent by the Minister under section 39 of the Act to a non-Canadian in respect of those undertakings, other than demands sent for the purposes of the administration or enforcement of Part IV.1 of the Act, which concerns investments that could be injurious to national security.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Investment Canada ActPetitionsRoutine Proceedings

April 16th, 2010 / 12:05 p.m.
See context

NDP

Claude Gravelle NDP Nickel Belt, ON

Mr. Speaker, I have a petition signed by dozens of people from the riding of Nickel Belt.

The petition states that when Canadian-owned Inco was acquired by Vale S.A. in 2006, the company made undertakings to the Government of Canada. When Canadian-owned Falconbridge was acquired by Xstrata, it also committed to undertakings with the Government of Canada. Industry Canada, Vale S.A. and Xstrata have refused to make these specific undertakings public.

Therefore, the petitioners request that the Minister of Industry and the House of Commons amend section 36 of the Investment Canada Act in order to make the details of undertakings made by foreign companies during Canadian acquisitions public. They further request that the Minister of Industry make the undertakings made during the acquisition of Inco and Falconbridge public. They support Bill C-488, Bill C-489 and Bill C-490.

Foreign TakeoversPetitionsRoutine Proceedings

April 12th, 2010 / 3:10 p.m.
See context

NDP

Claude Gravelle NDP Nickel Belt, ON

Mr. Speaker, I too have petitions from dozens and dozens of citizens from Nickel Belt who are concerned about what is happening in my community. They are presently being held hostage by a company called Vale Inco, a company that was allowed by the government to purchase our natural resources, resources that belong to Canadians. This company has tried to bring a third world mentality to Canada.

The petitioners request that the Minister of Industry and the House of Commons amend section 36 of the Investment Canada Act in order to make details of undertakings made by foreign companies during trial acquisitions public.

They further request that the Minister of Industry make the undertakings made during the acquisition of Inco and Falconbridge public. They support Bill C-488, Bill C-489 and Bill C-490.

Foreign InvestmentPetitionsRoutine Proceedings

March 25th, 2010 / 10:10 a.m.
See context

NDP

Claude Gravelle NDP Nickel Belt, ON

Mr. Speaker, it is my pleasure to rise today to present this petition from dozens of constituents. The petitioners request the Minister of Industry and the House of Commons to amend section 36 of the Investment Canada Act, in order to make public the details of undertakings made by foreign companies during Canadian acquisitions. They further request that the Minister of Industry make public the undertakings made during the acquisition of Inco and Falconbridge. They support Bill C-488, Bill C-489 and Bill C-490.

A couple of companies in my riding have been taken over by a foreign company, Vale from Brazil. It has been a net drain on my community. These petitioners want this to stop in the future.

Canada ActRoutine Proceedings

December 7th, 2009 / 3:05 p.m.
See context

NDP

Claude Gravelle NDP Nickel Belt, ON

moved for leave to introduce Bill C-488, An Act to amend the Investment Canada Act (disclosure of undertakings and demands).

Mr. Speaker, I am pleased to introduce in the House private member's Bill C-488, An Act to amend the Investment Canada Act (disclosure of undertakings and demands). When a foreign company takes over a Canadian company, it often must first make undertakings to Industry Canada to ensure that the acquisition will be a net benefit to the country. Currently, these undertakings are confidential under the Investment Canada Act. I believe Canadians have the right to know what commitments a foreign company has made when it takes over a Canadian company, especially when it concerns our natural resources.

The bill would allow any Canadian citizen the right to request that these undertakings be made public. With recent events with Xstrata, Vale Inco and U.S. Steel, it is time for Parliament to introduce transparency and accountability to foreign takeover agreements.

(Motions deemed adopted, bill read the first time and printed)