On June 19, 2014, Bill S-217 – An Act to modernize the
composition of the boards of directors of certain corporations,
financial institutions and parent Crown corporations, and in
particular to ensure the balanced representation of women and men
on those boards – received second reading in the House
of Commons and was referred to the Standing Senate Committee on
Banking, Trade and Commerce.
If enacted, sections 167.1 and 167.2(2) of the Insurance
Companies Act (Canada) (the "Act") will require that
the proportion of a board of directors of a distributing company
must be composed of at least forty percent men and women as of the
close of the sixth annual meeting of shareholders and policyholders
and at least twenty percent as of the close of the third annual
Proposed Section 176.1 provides for plurality voting in respect
of the election of directors where the Act or the by-laws of a
company do not provide for cumulative voting.
We will continue to follow the progress of Bill S-217 and
provide relevant updates.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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