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Ontario Assembly Bill

Ontario Bill 50

43rd Parl. 1st Sess.
March 01, 2023
Building Better Business Outcomes Act, 2023
  • 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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  • Yea (12)
  • Nay (12)
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Bill 50 2022

An Act to amend the Securities Act to require certain issuers to adopt and make publicly available written policies respecting their director nomination process

His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1 The Securities Act is amended by adding the following section:

Written policies, board diversity

121.2.1  An issuer whose shares are publicly traded shall adopt and make publicly available a written policy respecting the director nomination process that provides for the identification of candidates who belong to one or more of the following groups: women, persons who are Black, Indigenous or racialized, persons with disabilities and persons who are LGBTQ+.

Commencement

2 This Act comes into force on the third anniversary of the day this Act receives Royal Assent.

Short title

3 The short title of this Act is the Building Better Business Outcomes Act, 2022.