Bains to tell business: it's your turn to boost diversity, and the bottom line

Economic Development Minister Navdeep Bains says the Liberal government has done its part by bringing in measures aimed at boosting diversity on corporate boards at publicly traded companies.

Now, he says, it is time for those business leaders to pick up the torch.

Liberal legislation that received royal assent today means publicly traded companies are now required to disclose the number of women and others from equity-seeking groups, such as visible minorities, on their boards and in senior management.

They will also now have to share their policies on diversity, or explain themselves to their shareholders.

Now that it is the law of the land, Bains says the Liberals will be turning to the corporate world to encourage them to carry through, and to convince them that having more diversity at the top of a company can also translate into a healthier bottom line.

Bains also says he wants Canada to lead the world on the issue, which he thinks will help its companies compete globally while also showing the commitment to multiculturalism is more than just talk.