Industry Committee on Feb. 14th, 2017

[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.

[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.

[The Chair, Liberal, Dan Ruimy]

Okay.

[Brian Masse, NDP, Windsor West, ON]

We started late, too.

[Navdeep Bains, Liberal, Mississauga—Malton, ON]

No, we did not. You arrived late, sir. I was here on time.

[Brian Masse, NDP, Windsor West, ON]

No. I was here on time.

[Navdeep Bains, Liberal, Mississauga—Malton, ON]

I was here on time and we started at 8:45.

[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.

[The Chair, Liberal, Dan Ruimy]

Mr. Masse, we're wasting time. We're going to move on.

Mr. Lobb.

[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.

[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.

[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?

[Navdeep Bains, Liberal, Mississauga—Malton, ON]

I'm sorry, I didn't hear. Could you repeat that again, please?

[Ben Lobb, Conservative, Huron—Bruce, ON]

That it shall have a diversity policy....

[Navdeep Bains, Liberal, Mississauga—Malton, ON]

Yes, if it does not have a diversity policy it should have a diversity policy.

[Ben Lobb, Conservative, Huron—Bruce, ON]

If you shall not have one, what happens?

[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.

[Ben Lobb, Conservative, Huron—Bruce, ON]

Then after that, what happens?

[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.

[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?

[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.

[Ben Lobb, Conservative, Huron—Bruce, ON]

Okay, but this isn't dealing with cabinet makeup in a government—

[Navdeep Bains, Liberal, Mississauga—Malton, ON]

No, let me finish this.

[Ben Lobb, Conservative, Huron—Bruce, ON]

—we're talking about your bill.

[Navdeep Bains, Liberal, Mississauga—Malton, ON]

No, but if I can explain to you, with all due respect, you asked me a question.