Province Appoints Council to Modernize Ontario's Business Laws
Ontario Taking Action to Create a More Supportive Business Climate
Ontario has established a new Business Law Advisory Council that will make recommendations to reform laws that are responsive to changing business priorities and supportive of a prosperous economy.
The advisory council is comprised of professionals who have demonstrated expertise in commercial and corporate law, and have a strong knowledge of the challenges and opportunities faced by businesses in the province. Carol Hansell has been appointed as Chair and E. Patrick Shea as Vice-Chair.
The council will recommend changes to corporate and commercial laws to strengthen Ontario's competitive advantage in the global economy, solidify Ontario's position as a jurisdiction of choice for business, encourage innovation and investment, and support a regulatory framework that is responsive and flexible.
Modernizing business laws is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses.The plan is also helping working Ontarians achieve a more secure retirement.
- The chair and vice-chair are appointed for a term of up to three years.
- The members of the Business Law Advisory Council will serve an initial term of up to 18 months, and may be re-appointed to serve up to three years in total.
- The advisory council has been created following recommendations made to the province by the Business Law Agenda Stakeholder Panel, a group comprised of experts in corporate and commercial law which submitted a report to government in June 2015. The report called for a continuous review of Ontario's corporate and commercial laws, a task which the new advisory council will now assist with.
- The province's recently announced Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.
“Our government is working hard to create an environment where businesses can prosper while still ensuring that Ontario consumers are protected. I am confident Carol Hansell’s expertise in legal and governance advice to boards and shareholders, and her interest in promoting regulatory reform will help guide our efforts to modernize Ontario’s business laws. The advisory council, under Carol’s leadership, will help solidify our province as a place where businesses want to come, set up shop and stay long-term.”
“I am pleased to have the opportunity to serve the Ontario government on this project. Modern laws help organizations thrive. I look forward to leading the advisory council and to bringing forth recommendations that will help modernize the business law framework in the province.”