I think it's actually subclause 5(3) that talks about the consultation. Subclause 5(2) is where the standards are discussed; then subclause 5(3) speaks to the consultation.
It's quite explicit, as you mentioned. It enumerates the different actors and sectors that should be consulted, including government departments and agencies, and no doubt those who are affected by this legislation: representatives from industry and non-governmental organizations. It's quite broad, because it also includes the clause “and other interested persons in or outside Canada”.
As I mentioned earlier, there are a number of actors both within Canada and outside that have given a lot of time and attention to this issue. One that comes to mind is the Danish government. It has done a lot of work developing human rights guidelines for corporations that help to operationalize international human rights norms. It also has a highly developed instrument it applies to that end, which might be of interest to the Government of Canada when it's developing these guidelines.
I think it's quite explicit and comprehensive. I think because it's part of the statute it guarantees this process will take place and that it will be open, transparent, and, as you said, quite fair.