An Act to amend the Investment Canada Act (disclosure of undertakings and demands)
This bill was previously introduced in the 41st Parliament, 1st Session.
Claude Gravelle NDP
Introduced as a private member’s bill. (These don’t often become law.)
Introduced, as of Oct. 16, 2013
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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.
Investment Canada Act
October 21st, 2011 / 12:05 p.m.
Claude Gravelle Nickel Belt, ON
moved for leave to introduce Bill C-333, An Act to amend the Investment Canada Act (disclosure of undertakings and demands).
Mr. Speaker, I am pleased to introduce my private member's bill, Bill C-333, An Act to amend the Investment Canada Act (disclosure of undertakings and demands). It is very much related to two other private members' bills I introduced earlier this month regarding the acquisition of Inco and Falconbridge in Sudbury.
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 profit 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. In light of 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)