Thank you to the member opposite for the question. Our government is always listening to good ideas from all of our health care stakeholders, and we certainly will look at all of the ideas being brought forward.

As I said yesterday, Ontario is actually leading the country in access to family health providers and primary care practitioners, with 90% of people having access. But we know we must do more, and we will do more. That is why we are taking the steps we can, including currently adding 720 positions in 2022-23 for doctors in those family health organizations and another 480 in 2023-24. We’re taking the steps necessary to make ensure that we have family health primary health care for all Ontarians.

That’s why we’ve invested, amongst other things, over $41 million in Indigenous organizations and communities to support culturally safe mental health and wellness services for children, youth, families and communities in Ontario. Our government has made it clear that we will do everything we can to protect our most vulnerable, which includes Ontario’s Indigenous populations.

First, I’d like to start by thanking the member for Don Valley West for bringing attention to this important issue. The topic of diversity on corporate boards and executive positions is one that the Ministry of Finance has been engaged in for some time. Also, this is a topic that is very important to the minister himself.

While it may seem like a small part of the corporate world, the makeup of boards of public companies is important to their leadership and to potential investors. In an increasingly competitive marketplace, Ontario needs a modern, dynamic capital markets sector that puts Canadian firms on a fair footing globally. This government is committed to modernizing Ontario’s capital markets and making this province one of the most attractive capital markets destinations in the world to support Ontario’s economy and long-term growth.

Ontario is home to the major share of public companies in Canada. In 2022 alone, more than 50% of Canada’s equity market value came from public companies where the Ontario Securities Commission was the principal regulator. We want public companies in Ontario to excel, to thrive and to set the global best standards in corporate governance. Diversity is an important part of that. An important part of building a successful business is ensuring a wide range of perspectives are heard, especially at the decision-making tables, in boardrooms, among executives.

The world of investing is evolving rapidly. In the marketplace of a changing, globalized world, investors are increasingly looking for more information and background on firms and their leadership. For Ontario firms to compete successfully on a global scale and contribute to Ontario’s prosperity, they need to be enabled with all the tools that a modern and competitive capital markets system brings to the table. Improving corporate diversity is essential to achieving this outcome.

The member opposite has done a commendable job in bringing this issue to some wider attention, but I will now have to explain why we will be unable to support the member’s proposed legislation, in spite of this government’s strong and consistent support for diversity on corporate boards. I will begin with some background on the member’s proposed legislation itself, and then the work that has been done in Ontario so far for diversity on corporate boards.

The text of this bill proposes to amend the Securities Act with an addition that is a recommendation on diversity on corporate boards from the larger Capital Markets Modernization Taskforce final report. This task force was established in February 2020 by this government to help transform the regulatory landscape for the capital markets sector and advise the Minister of Finance on how to improve innovation and competitiveness of the province’s capital markets and best help build Ontario’s economy. The Capital Markets Modernization Taskforce engaged with more than 110 stakeholders. They consulted on the challenges that businesses, intermediaries and investors face in Ontario’s capital markets ecosystem. Based on these consultations, the task force developed a consultation report, which includes 74 policy proposals to modernize the province’s capital markets regulations.

The task force asked for feedback on the consultation report from July 9 to September 7, 2020, and received over 130 stakeholder comments during that time. The task force submitted its final report to the Minister of Finance, which includes 74 policy recommendations. These recommendations are intended to modernize Ontario’s capital markets and drive innovation, competition and diversity, resulting in job and wealth creation. The final report contains recommendations on:

—improving regulatory structure and enhanced governance;

—improving competitiveness through regulatory measures;

—ensuring a level playing field between large and small market players;

—improving the proxy system, corporate governance and the process of mergers and acquisitions;

—fostering innovation; and

—modernizing enforcement and enhancing investor protection.

The Capital Markets Modernization Taskforce had a detailed recommendation on improving corporate diversity in Ontario’s markets. For context, public companies in Ontario are already required to report on gender representation. Our 2022 budget committed to continue to consider this issue as part of our capital markets modernization efforts.

Additionally, corporate diversity continues to be an important initiative for our securities regulator. The Ontario Securities Commission, working with its provincial counterparts, consulted publicly on this issue in 2021.

In 2023, the OSC, along with its provincial counterparts, will consult on how to improve representation of other under-represented groups beyond gender. We look forward to hearing the feedback from stakeholders and the public on the OSC’s proposal.

Our government is committed to improving corporate diversity in Ontario’s capital markets sector. But, as a government, we cannot support this particular legislation for a few reasons.

First of all, the Capital Markets Modernization Taskforce was established with a clear mandate, and the trusted experts at the OSC are best placed to continue this work.

Secondly, supporting this legislative change to the capital markets would, if passed, make Ontario an outlier in its process for capital markets modernization. Supporting this legislation would make Ontario an outlier in this regard and would create more red tape for business and harm the overall efforts of the capital markets modernization across Canada. These recommendations from the capital markets task force will go through an industry trusted consultation period, and much good work is continuing on diversity topics at the OSC and the CSA.

As a responsible government that respects the work of agencies, we should not and will not interfere with the trusted work of these great organizations. The work on the task force recommendations continues, and there will be more to say about this in the coming months.

Our government continues to have a vision for improving this province and making it one of the best places in the world to invest, raise capital and start a business.

Before I close, let me reiterate that the principles behind the recommendation on diversity from the Capital Markets Modernization Taskforce is an important priority for the modernization program and this government. We will continue to work to ensure that Ontario is the best place to grow, prosper and build a business.