moved for leave to introduce Bill C-221, an act to amend the Canada Business Corporations Act.
Mr. Speaker, I am pleased today to introduce my private member's bill, an act to amend the Canada Business Corporations Act.
This bill if passed will allow members of the boards of directors of Canadian corporations the defence of due diligence in the conduct and performance of their duties and responsibilities.
Too often very competent individuals decide not to become members of the boards of corporations because they fear they could be held liable for their conduct, even if they carry out their duties and responsibilities in a conscientious and reasonable way.
For example, a number of months ago we heard about the case of Canadian Airlines International and its board of directors which resigned at a time when one could argue easily that it was needed most.
This bill provides directors with the defence of due diligence and brings the Canada Business Corporations Act into line with most provincial statutes.
I am pleased to introduce this bill and I look forward to the support of my colleagues in the House on this important piece of legislation.
(Motions deemed adopted, bill read the first time and printed)