I'd like to echo the concerns expressed by the Quebec bar representatives who appeared before the committee. We may have some members of the Quebec bar at the table, I don't know.
The Quebec bar expressed concerns over clause 141, which amends the Canada Business Corporations Act by adding factors that the directors of a corporation may consider when acting with a view to “the best interests of the corporation”. In addition to the interests of shareholders, the directors of the corporation may take into account the interests of employees, retirees and pensioners, creditors, consumers and governments. They can also take into account the environment and long-term interests of the corporation, which the Quebec bar said was comparable to taking account of the interests of the corporation's stakeholders.
The Quebec bar was most concerned about whether the potential impact on future case law had been assessed. In other jurisdictions where these factors exist, the case law is different, to say the least.
Was an in-depth analysis done in order to fully understand the consequences of adding these criteria to the Canada Business Corporations Act?