moved for leave to introduce Bill C-203, an act to amend the Canada Business Corporations Act (qualifications of directors).
Mr. Speaker, I would like to reintroduce this bill concerning an amendment to the Canada Business Corporations Act, specifically to do with limiting the number of concurrent corporate directorships that anyone can hold where that person holds less than 5 per cent of the voting shares of the corporation.
The nature of the bill has to do with the importance of directors' liability and that there is a point at which one person could hold more directorships than they could discharge their responsibilities fully.
Therefore, this bill seeks to limit the number of directorships so that the interests of shareholders, the employees and the corporation can be safeguarded.
(Motions deemed adopted, bill read the first time and printed.)