moved for leave to introduce Bill C-518, an act to amend the Canada Business Corporations Act (annual financial statements).
Mr. Speaker, further on our theme of introducing good corporate governance and trying to instill investor confidence, especially for institutional pension investors, the bill seeks to change the Canada Business Corporations Act to outlaw the practice of providing loans and guarantees to directors and officers of corporations.
It also dictates that if the company is using shares and stock options as part of the executive compensation of a company, those shares and options have to be listed in the expense column of the financial statements.
We also further ask for changes to the Canada Business Corporations Act in terms of offences that would be created for failing to provide information dealing with the financial condition of the company, and also provide restitution of money to persons who may have suffered financial losses as a result of the conduct of the corporation or its auditors or its directors, and the forfeiture of certain bonuses and profits from those directors and officers if they are not completely forthright in their annual financial statements of the company.
(Motions deemed adopted, bill read the first time and printed)