43rd Parl. 1st Sess.

March 01, 2023

Building Better Business Outcomes Act, 2023

Second Reading Vote
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This bill, called the Building Better Business Outcomes Act, 2022, amends the Securities Act to require certain companies that have publicly traded shares to have written policies about how they choose their directors. These policies should aim to include candidates from diverse groups such as women, Black, Indigenous or racialized individuals, persons with disabilities, and LGBTQ+ individuals. The Act will come into effect three years after it receives Royal Assent.

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Nay (12)
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SteelmanSpren in Favour

One steelman argument in favor of Bill 50 2022, the Building Better Business Outcomes Act, is that it promotes diversity and inclusivity within corporate boards. By requiring publicly traded issuers to adopt and make publicly available written policies regarding their director nomination process, the Act aims to ensure that candidates from underrepresented groups, such as women, Black, Indigenous, racialized individuals, persons with disabilities, and LGBTQ+ individuals, are identified and considered for board positions. This argument recognizes that diversity within corporate boards can bring a range of perspectives, experiences, and expertise, which can lead to better decision-making and improved business outcomes. By mandating the adoption of written policies, the Act encourages issuers to actively seek out and consider candidates from diverse backgrounds, thereby increasing the representation of marginalized groups in positions of leadership and influence. Furthermore, this Act aligns with broader societal goals of promoting equality and reducing systemic barriers. It acknowledges that historically underrepresented groups face unique challenges and barriers to accessing leadership positions, and seeks to address these disparities by requiring issuers to actively consider and include diverse candidates in their director nomination process. Overall, the steelman argument in favor of Bill 50 2022 is that it promotes diversity, inclusivity, and equal representation within corporate boards, which can lead to improved decision-making and better business outcomes.

SteelmanSpren Against

Steelman Argument Opposing Bill 50 2022: One could argue that Bill 50 2022, also known as the Building Better Business Outcomes Act, infringes upon the principles of limited government and free market capitalism. This legislation mandates that publicly traded companies adopt and publicly disclose written policies regarding their director nomination process, with a specific focus on diversity criteria such as gender, race, disability, and sexual orientation. Firstly, this bill interferes with the autonomy of private businesses by imposing government-mandated policies on their internal operations. It undermines the principle that businesses should have the freedom to make their own decisions regarding board composition based on merit, qualifications, and the best interests of the company. By forcing companies to prioritize diversity criteria, the government is overstepping its boundaries and impeding the natural functioning of the market. Furthermore, this legislation may lead to unintended consequences and undermine the principle of equality of opportunity. While diversity and inclusion are important goals, they should not be achieved through government coercion. By mandating specific diversity criteria, the government risks creating a system where individuals are selected based on their identity rather than their qualifications and abilities. This could result in less qualified individuals being appointed to positions of power, which could ultimately harm the companies and their shareholders. Additionally, this bill may create a burdensome regulatory environment for businesses. The requirement to adopt and publicly disclose written policies adds an additional layer of bureaucracy and administrative costs for companies. This could divert resources away from core business activities and hinder their ability to compete in the global market. Moreover, the government should not be in the business of dictating how companies should operate, as it stifles innovation and hampers economic growth. In conclusion, while the goal of promoting diversity and inclusion is commendable, Bill 50 2022 infringes upon the principles of limited government and free market capitalism. It imposes government-mandated policies on private businesses, undermines equality of opportunity, and creates a burdensome regulatory environment. Instead, businesses should have the freedom to make their own decisions regarding board composition based on merit and qualifications, without government interference.

Second Reading

March 1, 2023, noon
In Progress
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Assembly Motion No. 4314

43rd Parl. 1st Sess. (ON)

March 1, 2023, 7 a.m.

Bill 50
Latest: Second Reading Vote

Second Reading of Bill 50, An Act to amend the Securities Act to require certain issuers to adopt and make publicly available written policies respecting their director nomination process.