Evidence of meeting #46 for Industry, Science and Technology in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was shareholders.
A video is available from Parliament.
9:40 a.m.
Liberal
The Chair Liberal Dan Ruimy
Thank you very much.
We have a few more minutes left but I'm mindful of the time. I'm not sure if the minister has an extra 10 minutes.
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
Chair, I just want to mention I'd be more than glad to accommodate. It's just that I have a cabinet meeting to go to, but if it's a few more minutes, I'm more than willing to accommodate.
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
No, we did not. You arrived late, sir. I was here on time.
9:40 a.m.
Liberal
9:40 a.m.
NDP
Brian Masse NDP Windsor West, ON
No. I was here on time and I was sitting in a seat as you were up at the front glad-handing.
9:40 a.m.
Liberal
9:40 a.m.
NDP
Brian Masse NDP Windsor West, ON
You're going to allow the minister just to intercede here on the floor, then? I'm actually a committee member and was addressing that issue.
9:40 a.m.
Liberal
The Chair Liberal Dan Ruimy
I'm trying to get you your time on the floor, so if you want your time I'm trying to make that happen for you.
Mr. Lobb, you have five minutes.
9:40 a.m.
Conservative
Ben Lobb Conservative Huron—Bruce, ON
Minister Bains, in the legislation it says that a company “shall” have a diversity policy. Is that your interpretation of the legislation, it shall?
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
I'm sorry, I didn't hear. Could you repeat that again, please?
9:40 a.m.
Conservative
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
Yes, if it does not have a diversity policy it should have a diversity policy.
9:40 a.m.
Conservative
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
Then you must explain to your shareholders why you don't have a diversity policy. That's the concept behind the bill.
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
Ultimately I think the shareholders would put enormous pressure on the management board to ask significant questions at its annual general meetings.
9:40 a.m.
Conservative
Ben Lobb Conservative Huron—Bruce, ON
Okay, but I think the flaw in that argument is that some of the largest shareholders in corporations are corporations as well, so you're asking someone who probably doesn't have a policy to enforce it with someone who doesn't have a policy.
If the government is so bold and we have a feminist Prime Minister and everything like this, why not say that by 2018 every publicly traded corporation on the TSX will have a diversity policy and any company that is wishing to issue an IPO—I just use publicly traded companies as my example—or any company that is doing an IPO must have a diversity policy before it does their IPO? Why not start there, with something bold?
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
I think that when we formed the cabinet and we had 50% women in our cabinet that was a bold statement made by the Prime Minister.
9:40 a.m.
Conservative
Ben Lobb Conservative Huron—Bruce, ON
Okay, but this isn't dealing with cabinet makeup in a government—
9:40 a.m.
Liberal
Navdeep Bains Liberal Mississauga—Malton, ON
No, but if I can explain to you, with all due respect, you asked me a question.