Absolutely. Thank you for your question.
Largely, I think a lot of the elements are correct in this bill. From our perspective, we've worked on this topic for about six and a half years—Transparency International seven years—and we don't want perfect to be the enemy of the good. What's in this bill is quite good. It will move Canada forward and it will be celebrated worldwide. More specifically, it will have utility, because it will apply to every single corporation that is governed under the CBCA.
Where the gap does exist is foreign corporations, for instance, which are incorporated in other jurisdictions outside Canada. Those are not covered under the CBCA. We are recommending as a next step for the federal government working with provinces and territories to try to see if there is an agreement that could be reached where those foreign companies, upon registering provincially to carry on business, can also disclose beneficial owners. That will just make this entire effort a lot stronger. The United States, in their Corporate Transparency Act, has included disclosure of beneficial owners for foreign entities.