Bill C-640: An Act to amend the Canada Business Corporations Act (remuneration of directors and officers)

C-640 Third Session, Fortieth Parliament, 59-60 Elizabeth II, 2010-2011 HOUSE OF COMMONS OF CANADA BILL C-640 An Act to amend the Canada Business Corporations Act (remuneration of directors and officers) first reading, March 21, 2011 Mr. Maloway 403292 SUMMARY This enactment amends the Canada Business Corporations Act to provide that the remuneration of a director or officer of a corporation may not be fixed unless the particulars of the remuneration have first been approved by special resolution of the shareholders of the corporation. Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca .vis1 {position: absolute;display:block;} .vis2 {position: static;} 3rd Session, 40th Parliament, 59-60 Elizabeth II, 2010-2011 house of commons of canada BILL C-640 An Act to amend the Canada Business Corporations Act (remuneration of directors and officers) R.S., c. C-44; 1994, c. 24, s.1(F) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Section 125 of the Canada Business Corporations Act is renumbered as subsection 125(1) and is amended by adding the following: Remuneration of directors and officers (2) Despite subsection (1), the remuneration of a director or officer may not be fixed unless the particulars of the remuneration have first been approved by special resolution of the shareholders of the corporation. Duty to inform (3) Within 30 days after the particulars of the remuneration of a director or officer have been approved in accordance with subsection (2), the corporation shall inform all shareholders in writing of those particulars. Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada