Your interpretation is correct in that one of the consequences that follows that you're.... I mean, it's unlikely that if you're a director or officer of a corporation you would act with intent to break the law, which is what you have to do here. I'm sure your employer doesn't ask you to do that.
It's no different from any other law, all sorts of other laws, where you can go after the officer or the corporation or both. Normally we only go after the corporation, because the corporation will take the necessary disciplinary action to make sure that its individuals obey the law, but you have the option to go after both. I don't see that this will in any way discourage people from working in Canada or assuming responsibility.