If it is a core value then it is a job requirement to be able to speak in both of Canada's official languages without the aid of an interpreter to do your job. That's it.
It's not about getting along; it's not about being able to say “hello”; it's not about being able to communicate at a basic oral level at a cocktail party. For people at the positions listed in the bill, it's the ability to listen, to read, to understand the academic work that's coming out in your field of specialization in both official languages from all the Canadian universities and beyond. It's to be able to be a leader in your field at those levels, and you can't do that unless you have a fairly integral grasp of the other official language.