Premier Doug Ford’s Progressive Conservatives have used their majority to defeat a Liberal MPP’s bill that would have encouraged publicly traded companies to have more diverse boards of directors.
The Tories insisted the Ontario Securities Commission could better make changes through regulation rather than having provincial legislation dictate increased representation in boardrooms.to amend the Securities Act to force corporations to have “a written policy” explaining how they were bringing under-represented groups onto their boards.
“I’m disappointed,” the first-term MPP said after her bill was defeated Wednesday by a vote of 70-35. “Our laws reflect our values, so putting it in a regulation is not as strong as putting it into our laws. That would really demonstrate a strong commitment to diversity in our boardrooms, in business and in society,” she said.
Finance Minister Peter Bethlenfalvy stressed the Tories back the spirit of Bowman’s legislation, but he wants to await OSC regulatory changes expected later this year.Treasury Board President Prabmeet Sarkaria praised Bowman for “bringing this forward.” “It’s a very important conversation for all of us to have and, as a government, we continue to commit to diversity,” said Sarkaria, the first turban-wearing Sikh cabinet minister in Ontario history.Sarkaria acknowledged Bowman’s proposed legislation echoed
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