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Decentralized Democracy

House Hansard - 187

44th Parl. 1st Sess.
April 28, 2023 10:00AM
Context: House Hansard - 187 - Apr/28/23
Mr. Greg McLean
  • Apr/28/23 12:31:14 p.m.
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Mr. Speaker, we should have a beneficial owner threshold that actually says who controls these companies. A lot of them will be in separate nominated accounts that might have the same person behind them, but eventually we need to see our way to who those people are. As my colleague is, I think, alluding to, if there are 11 people owning 9% of a corporation, none of those has a full 10%. In that case, the beneficial ownership should be quite clear that it is the same entities that control that corporation. He is right; we should capture making sure we are talking about beneficial ownership of at least 10% or more. There comes a point in time when one is just a passive investor, but at 10%, one is actually a participant, in my opinion.
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