Of course. Access should be given to all bona fide shareholders: most shares are held in trust by brokers, and these intermediaries are the registered shareholders. Only these intermediaries hold the list of actual shareholders, so the corporation does not know who these shareholders are and cannot communicate directly with non registered shareholders. This would ease communication between the corporation and its shareholders.
The position of chairman should be separate from the position of chief executive officer. We are also proposing a reduction of barriers to the shareholders' right to submit proposals for and during shareholders' meetings. Thus, we recommend a reduction of barriers to the shareholders' right to submit proposals.
At this time, the act and the bill provide that the bank's management may refuse a shareholder's proposal that is primarily for the purpose of promoting general economic, political, racial, religious, social or similar causes. It may essentially refuse almost anything and it is only public pressure, so to speak, that forces banks to accept shareholders' proposals.
Our proposal also deals with branch closures. We are told that banks will now be able to proceed with branch closures. We would like this to be very transparent. People, especially those living in rural and isolated areas where there are less services will be given a six month notice. How lucky; a six month notice to warn them that their bank will be closed. And who cares about where they will get the same services.
There is nothing in the bill on this. There is only the minister who is convinced that his bill will help ordinary people, small investors and small savers. I hope these flaws will be corrected in the bill before it is passed.