Industry committee  That's a situation where the market has gone down, it wasn't predicted, and there are special payments that are needed to make up the shortfall. Those are not given priority in those legislative changes. It's not to say they wouldn't be covered; they're just not given that priori

Industry committee  I came ready to answer questions about Canada Business Corporations Act today, not so much about the changes to the bankruptcy and insolvency legislation and the wage earner protection program. I don't have my reference documents on those pieces of legislation, so it would be ver

Industry committee  I think it would be very difficult, because I would question whether it would be constitutional for the federal government to introduce an amendment to effectively enforce a provincial law.

Industry committee  My understanding is that there are no restrictions in the legislation to that effect currently. That would require changes to the Canada Business Corporations Act. Currently there are no legal restrictions in the act around where a business can operate. That's left to businesses

Industry committee  I do not think the act permits it. If it were to be done, it would require amendments to the legislation to permit it. But it is currently not done. You're correct.

Industry committee  No, there are no major changes proposed at this stage. We're obviously interested in what the committee has to say and to recommend. We're certainly not aware of significant changes or really loud calls for changes by industry at this stage. I'm sure some issues will be raised wi

Industry committee  We don't have plans to actively contact stakeholders. We're assuming that stakeholders will be interested in appearing before the committee. We're certainly happy to suggest names of stakeholders that we think might have comments to make.

Industry committee  We've had some specific suggestions of areas. We've also been sort of perceiving in the media some discussions about corporate governance that have been going on. If that's the kind of thing you're interested in hearing about, I can tell you what some of those issues were.

Industry committee  Some of the suggestions we've heard about from stakeholders--and none of the ones on my list that I'm about to give you are particularly technical--concern executive compensation, for example: what are the possibilities in terms of limiting or restricting compensation or making t

Industry committee  I can certainly take an initial stab at that question, and others can add detail. Yes, there are provincial incorporation statutes companies can also choose if they wish to incorporate. By and large, the CBCA is viewed as the model for a number of pieces of provincial legislatio

Industry committee  I'll give a very quick thirty-second history of the CBCA. As I mentioned, it was introduced in 1975, and in 2001 a set of very comprehensive amendments were made. These were the result of extensive national consultations across the country involving hundreds of stakeholders and s

Industry committee  Thank you very much, and good afternoon. I'll just start out with a quick note, and an apology, which is that I am going to be referring to a slide deck, but through some kind of miscommunication, we don't have the copies as yet. Somebody is on their way with copies. So I'll ma