moved for leave to introduce Bill C-488, An Act to amend the Investment Canada Act (disclosure of undertakings and demands).
Mr. Speaker, I am pleased to introduce in the House private member's Bill C-488, An Act to amend the Investment Canada Act (disclosure of undertakings and demands). When a foreign company takes over a Canadian company, it often must first make undertakings to Industry Canada to ensure that the acquisition will be a net benefit to the country. Currently, these undertakings are confidential under the Investment Canada Act. I believe Canadians have the right to know what commitments a foreign company has made when it takes over a Canadian company, especially when it concerns our natural resources.
The bill would allow any Canadian citizen the right to request that these undertakings be made public. With recent events with Xstrata, Vale Inco and U.S. Steel, it is time for Parliament to introduce transparency and accountability to foreign takeover agreements.
(Motions deemed adopted, bill read the first time and printed)