Bill 50, Building Better Business Outcomes Act, 2023

EXPLANATORY NOTE

The Bill requires issuers whose shares are publicly traded to 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+.

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.