Conrad Black Executive Compensation Abuse Act, 2007 Prue, Michael — Bill 230 (38th Parliament, 2nd Session)

Bill 230, 38-2

Ontario — Bills

role="main" class="main-container container js-quickedit-main-content" id="main-content">

Bill 230, Conrad Black Executive Compensation Abuse Act, 2007

Prue, Michael

Please select

View bill

Status

Debates

Acts affected

Original

[38] Bill 230 Original (PDF)

Bill 230 2007

An Act to amend the Business

Corporations Act to provide protections against executive compensation abuse

Note:

This Act amends the Business Corporations Act . For the legislative

history of the Act, see Public Statutes – Detailed Legislative History on www.e-Laws.gov.on.ca.

Her

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

1. The

Business Corporations Act is amended by adding the

following section:

Vote

on executive compensation

99.1

(1) At each annual

meeting of shareholders of an offering corporation, the shareholders entitled to vote at the

meeting shall vote on whether they are satisfied with the

information contained in the Ontario Securities Commission document entitled

"Statement of Executive Compensation", Form 51-102F6, as amended from time to

time, or its equivalent.

Remuneration fixed by shareholders

(2) If a majority of the

shareholders are not satisfied with the information contained in the form, the

shareholders entitled

to vote at the meeting may, by ordinary resolution, fix the

remuneration of the persons whose compensation was included in the document

referred to in subsection (1).

Repayment of remuneration fixed by shareholders

(3) The shareholders entitled to vote at a

meeting may, by ordinary resolution, fix the amount to be paid

back by a person under

section 137.1.

2. The

Act is amended by adding the following section:

Remuneration

of directors

137.1 Despite

section 137, if a person whose compensation is included in the document referred

to in subsection 99.1 (1) does not meet any job performance standards to which

their compensation, or any part of it, is related, the person shall repay to

the corporation such portion of their compensation as is determined by a resolution

under subsection 99.1 (3).

Commencement

3. This

Act comes into force on the day it receives Royal Assent.

Short

title

4. The

short title of this Act is the Conrad Black Executive

Compensation Abuse Act, 2007 .

EXPLANATORY

NOTE

The

Business Corporations Act is amended to add

provisions respecting compensation of executives. Provisions are added

requiring that a vote on executive compensation be held at every annual meeting

of shareholders of a company that offers securities to the public. The Act is

also amended to provide that if certain executives do not meet any job

performance standards to which their compensation is related, they must pay

back a portion of their compensation.

Date Bill stage Activity Committee

May 29, 2007

First Reading

Carried

Debates and Progress

First Reading

May 29, 2007

Committee

Second Reading

Committee

Third Reading

Royal Assent :

Coming into force :

Royal Assent.

Acts affected - Bill 230

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Business Corporations Act

Legislative Assembly of Ontario

Was this page helpful? Yes , I found this page helpful. An optional survey will open in a new tab. No , I didn’t find this page helpful. An optional survey will open in a new tab.

Back to top

Document details

Collection	Ontario — Bills
Citation	Bill 230, 38-2
Type	bill
Volume / chapter	p38 s2 bill 230 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	6128160516e6267bcbaa93e0b572e0e1fb51bbea

Source file is stored in the law ingest library (html).