Masse Questioning Proposed Changes To Canada's Corporate Governance Legislation
A proposed revision of Canada's corporate governance legislation is under fire from a New Democrat member of the Industry, Science and Technology Committee.
Windsor West MP Brian Masse sits on the committee and says the Trudeau government is missing an opportunity.
He says the proposed changes fail to address a number of improvements the government has been promoting such as gender inclusion on corporate boards.
"We would like to see that reflected more like the rest of the world where there's been improvements on this. We don't set targets or explanations that are binding. Or set any measure for inclusion that's accountable then it could take decades for improvement and our testimony heard things may be getting worse."
Masse says they're calling for shareholders to have more say in executive pay, and he points to a high-profile example.
"The CEO of Target came in to Canada, ran a formerly successful business into the ground, throwing hundreds of workers out of jobs. He receives $60-million in compensation. Meanwhile severances for the Canadians and their families totaled $10-million."
He says the NDP would like to see several issue included in the legislation.
"Gender improvements on boards of directors, diversity improvement, the elimination of dark money that's unaccountable and goes to organized crime and other nefarious practices and also having democracy for shareholders for your investments. So it's an opportunity for the Liberals to do something with the bill."
Masse adds he would also like to see the bill come up for review more regularly, he's calling for every two years.
He points out it's been 25 years since the last review of the legislation and only twice in the last 40 years.
The bill comes to committee hearings March 7.