An Act to amend the Canada Business Corporations Act (annual financial statements)

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Pat Martin  NDP

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

Status

Not active, as of June 19, 2006
(This bill did not become law.)

Summary

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

This enactment requires the auditor’s report that is to be placed before the shareholders of a corporation in accordance with subsection 155(1) of the Canada Business Corporations Act to include information regarding any other professional services provided by the auditor to the corporation.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Canada Business Corporations ActRoutine Proceedings

June 19th, 2006 / 3:15 p.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-332, An Act to amend the Canada Business Corporations Act (annual financial statements).

Mr. Speaker, white collar crime is a blue collar issue in that all of us need to trust the annual financial statements of the companies where our pension plans are invested. Annual financial statements lack clarity and there is a mystique associated with them that makes it impossible for trustees on employee benefit plans to fulfill their fiduciary obligations adequately.

The bill calls for plain language. It calls for an expensing of stock options. For instance, when corporation executives are paid through stock options there should be a clear column in those financial statements to indicate the liability of the company associated with those stock options. This is about making annual financial statements user friendly for working people.

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