Canada Gazette, Part I, Volume 159, Number 7: Diversity Information Disclosure (Banks and Bank Holding Companies) Regulations
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February 15, 2025
Statutory authority
Bank Act
Sponsoring department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Diversity Information Disclosure (Trust and Loan Companies) Regulations
General Comment
PROPOSED REGULATORY TEXT
Notice is given that the Governor in Council proposes to make the annexed Diversity Information Disclosure (Banks and Bank Holding Companies) Regulations under sections 214.1footnote a and 801.1footnote b of the Bank Act footnote c.
Interested persons may make representations concerning the proposed Regulations within 30 days after the date of publication of this notice. They are strongly encouraged to use the online commenting feature that is available on the Canada Gazette website but if they use email, mail or any other means, the representations should cite the Canada Gazette, Part I, and the date of publication of this notice, and be sent to Manuel Dussault, Director General, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance, 90 Elgin Street, Ottawa, Ontario K1A 0G5 (email: Manuel.Dussault@fin.gc.ca).
Ottawa, February 4, 2025
Wendy Nixon
Assistant Clerk of the Privy Council
Diversity Information Disclosure (Banks and Bank Holding Companies) Regulations
Definitions
Definitions
1 The following definitions apply in these Regulations.
- Act
- means the Bank Act. (Loi)
- designated groups
- has the same meaning as in section 3 of the Employment Equity Act. (groupes désignés)
- major subsidiary,
- in respect of a bank or bank holding company, means a subsidiary that
- (a) has assets, as included in the bank’s or bank holding company’s most recent annual audited or interim balance sheet or most recent statement of financial position, that account for 30% or more of the bank’s or bank holding company’s consolidated assets as reported on that balance sheet or statement of financial position; or
- (b) has revenue, as included in the bank’s or bank holding company’s most recent annual audited or interim income statement or most recent statement of comprehensive income, that accounts for 30% or more of the bank’s or bank holding company’s consolidated revenue as reported on that statement. (filiale importante)
- member of senior management,
- in respect of a bank or bank holding company, means any of the following individuals:
- (a) the chair of the board of directors;
- (b) the vice-chair of the board of directors;
- (c) the president;
- (d) the chief executive officer;
- (e) the chief financial officer;
- (f) any vice-president in charge of a principal business unit, division or function, including sales, finance or production; and
- (g) any officer who reports directly to the board of directors, chief executive officer or chief operating officer. (membre de la haute direction)
Prescribed Classes
Distributing banks
2 For the purposes of section 214.1 of the Act, distributing banks, within the meaning of section 2 of the Distributing Bank and Distributing Bank Holding Company Regulations, are a prescribed class.
Distributing bank holding companies
3 For the purposes of section 801.1 of the Act, distributing bank holding companies, within the meaning of section 2 of the Distributing Bank and Distributing Bank Holding Company Regulations, are a prescribed class.
Disclosure of Information Relating to Diversity
Information
4 (1) For the purposes of sections 214.1 and 801.1 of the Act, the following information respecting diversity must be made available by the directors of a distributing bank or distributing bank holding company, as the case may be:
- (a) an indication as to whether the bank or bank holding company has adopted term limits for the directors on its board, or other mechanisms of board renewal, and either a description of those term limits or mechanisms or the reasons why it has not adopted any;
- (b) an indication as to whether the bank or bank holding company has adopted a written policy on identifying and nominating candidates who are members of designated groups for directors and, if it has not adopted a written policy, the reasons why it has not done so;
- (c) if the bank or bank holding company has adopted a policy as described in paragraph (b),
- (i) a summary of the policy’s objectives and key provisions,
- (ii) the measures taken to ensure that the policy is effectively implemented,
- (iii) a description of the annual and cumulative progress made by the bank or bank holding company in achieving the objectives of the policy, and
- (iv) an indication as to whether the board of directors or its nominating committee measures the effectiveness of the policy and, if so, a description of the manner in which it is measured;
- (d) an indication as to whether the board of directors or its nominating committee considers, for each of the designated groups, the level of representation of members of the designated group on the board when identifying and nominating candidates for election or re-election to the board and either the manner in which that level is considered or the reasons why it is not considered;
- (e) an indication as to whether the bank or bank holding company considers, for each of the designated groups, the level of representation of members of the designated group in senior management when appointing members of senior management and either the manner in which that level is considered or the reasons why it is not considered;
- (f) an indication as to whether the bank or bank holding company has, for each of the designated groups, adopted a target number or percentage, or a range of target numbers or percentages, for members of the designated group to hold positions on the board of directors by a specific date and
- (i) if so, the target for each designated group and the annual and cumulative progress made in achieving that target, and
- (ii) if not, the reasons why the bank or bank holding company has not adopted a target;
- (g) an indication as to whether the bank or bank holding company has, for each of the designated groups, adopted a target number or percentage, or a range of target numbers or percentages, for members of the designated group to be members of senior management by a specific date and
- (i) if so, the target for each designated group and the annual and cumulative progress made in achieving that target, and
- (ii) if not, the reasons why the bank or bank holding company has not adopted a target;
- (h) for each of the designated groups, the number and proportion, expressed as a percentage, of directors who are members of the designated group; and
- (i) for each of the designated groups, the number and proportion, expressed as a percentage, of members of senior management who are members of the designated group, including for all major subsidiaries of the bank or bank holding company.
First Nations, Inuit and Métis
(2) For the purposes of paragraphs (1)(d) to (i), First Nations, Inuit and the Métis are each considered to be a designated group, and the information for each of them must be reported separately.
Form
5 The information referred to in paragraphs 4(1)(h) and (i) must be made available in the form set out in the schedule.
Coming into Force
S.C. 2024, c. 17
6 These Regulations come into force on the day on which Division 40 of Part 4 of the Budget Implementation Act, 2024, No. 1 comes into force, but if they are registered after that day, they come into force on the day on which they are registered.
SCHEDULE
(Section 5)
| Business Name: | |
|---|---|
| Date of Disclosure (YYYY-MM-DD): |
| Members of the Board of Directors — Designated Group | Number | Proportion (%) | Members of Senior Management — Designated Group | Number | Proportion (%) |
|---|---|---|---|---|---|
| Women | Women | ||||
| First Nations | First Nations | ||||
| Inuit | Inuit | ||||
| Métis | Métis | ||||
| Persons with disabilities | Persons with disabilities | ||||
| Members of visible minorities | Members of visible minorities | ||||
| Optional: Other equity seeking
group (please specify) |
Optional: Other equity seeking
group (please specify) |
||||
| Optional: Members of more than one group listed above | Optional: Members of more than one group listed above |
Terms of use and Privacy notice
Terms of use
It is your responsibility to ensure that the comments you provide do not:
- contain personal information
- contain protected or classified information of the Government of Canada
- express or incite discrimination on the basis of race, sex, religion, sexual orientation or against any other group protected under the Canadian Human Rights Act or the Canadian Charter of Rights and Freedoms
- contain hateful, defamatory, or obscene language
- contain threatening, violent, intimidating or harassing language
- contain language contrary to any federal, provincial or territorial laws of Canada
- constitute impersonation, advertising or spam
- encourage or incite any criminal activity
- contain external links
- contain a language other than English or French
- otherwise violate this notice
The federal institution managing the proposed regulatory change retains the right to review and remove personal information, hate speech, or other information deemed inappropriate for public posting as listed above.
Confidential Business Information should only be posted in the specific Confidential Business Information text box. In general, Confidential Business Information includes information that (i) is not publicly available, (ii) is treated in a confidential manner by the person to whose business the information relates, and (iii) has actual or potential economic value to the person or their competitors because it is not publicly available and whose disclosure would result in financial loss to the person or a material gain to their competitors. Comments that you provide in the Confidential Business Information section that satisfy this description will not be made publicly available. The federal institution managing the proposed regulatory change retains the right to post the comment publicly if it is not deemed to be Confidential Business Information.
Your comments will be posted on the Canada Gazette website for public review. However, you have the right to submit your comments anonymously. If you choose to remain anonymous, your comments will be made public and attributed to an anonymous individual. No other information about you will be made publicly available.
Comments will remain posted on the Canada Gazette website for at least 10 years.
Please note that communication by email is not secure, if the attachment you wish to send contains sensitive information, please contact the departmental email to discuss ways in which you can transmit sensitive information.
Privacy notice
The information you provide is collected under the authority of the Financial Administration Act, the Department of Public Works and Government Services Act, the Canada–United States–Mexico Agreement Implementation Act,and applicable regulators’ enabling statutes for the purpose of collecting comments related to the proposed regulatory changes. Your comments and documents are collected for the purpose of increasing transparency in the regulatory process and making Government more accessible to Canadians.
Personal information submitted is collected, used, disclosed, retained, and protected from unauthorized persons and/or agencies pursuant to the provisions of the Privacy Act and the Privacy Regulations. Individual names that are submitted will not be posted online but will be kept for contact if needed. The names of organizations that submit comments will be posted online.
Submitted information, including personal information, will be accessible to Public Services and Procurement Canada, who is responsible for the Canada Gazette webpage, and the federal institution managing the proposed regulatory change.
You have the right of access to and correction of your personal information. To seek access or correction of your personal information, contact the Access to Information and Privacy (ATIP) Office of the federal institution managing the proposed regulatory change.
You have the right to file a complaint to the Privacy Commission of Canada regarding any federal institution’s handling of your personal information.
The personal information provided is included in Personal Information Bank PSU 938 Outreach Activities. Individuals requesting access to their personal information under the Privacy Act should submit their request to the appropriate regulator with sufficient information for that federal institution to retrieve their personal information. For individuals who choose to submit comments anonymously, requests for their information may not be reasonably retrievable by the government institution.