I-8.01 - Act respecting the disclosure of the compensation received by the executive officers of certain legal persons

Updated to 1 November 1999

This document has official status.

chapter I-8.01

Act respecting the disclosure of the compensation received by the executive officers of certain legal persons

DIVISION I APPLICATION

1. Every legal person that is a reporting issuer within the meaning of section 68 of the Securities Act (chapter V‐1.1) and that is required to establish a circular in connection with a solicitation of proxies in accordance with that Act must, in that circular, provide a statement of the compensation received by its five most highly compensated executive officers.

1997, c. 61, s. 1.

2. A confederation governed by the Savings and Credit Unions Act (chapter C‐4.1) must include, in its annual report, a statement of the compensation received by the five most highly compensated executive officers of the group to which it belongs within the meaning of section 8 of the Savings and Credit Unions Act.

1997, c. 61, s. 2.

3. The Government may, by regulation, require any other legal person or class of legal persons that it determines to include in its annual report a statement of the compensation received by its five most highly compensated executive officers.

The regulation shall determine the body responsible for the administration of this Act as regards such legal person or class of legal persons.

1997, c. 61, s. 3.

4. Every person holding office as a director, president, vice-president, secretary, treasurer, comptroller or director general, or performing similar functions, is an executive officer.

1997, c. 61, s. 4.

5. The statement of compensation must indicate separately for each of the five most highly compensated executive officers

(1)  the officer’s annual compensation, including salary, premiums and all other forms of compensation;

(2)  the officer’s long-term compensation, including any stock option plan or entitlement to stock appreciation and any other long-term benefit;

(3)  any other information concerning compensation prescribed by the Regulation respecting securities, approved by order in council 660-83 (1983, G.O. 2, 1269).

The statement of compensation must include any compensation paid by a subsidiary of the legal person.

1997, c. 61, s. 5.

6. A body responsible for the administration of this Act may order a legal person to take the necessary steps to ensure compliance with this Act.

1997, c. 61, s. 6.

DIVISION II MISCELLANEOUS PROVISIONS

7. The Commission des valeurs mobilières is responsible for the administration of this Act with respect to the legal persons referred to in section 1.

The Inspector General of Financial Institutions is responsible for the administration of this Act with respect to the legal persons referred to in section 2.

1997, c. 61, s. 7.

8. The Government shall designate the minister responsible for the carrying out of this Act.

1997, c. 61, s. 8.

The Minister of Finance is responsible for the carrying out of this Act. Order in Council 809-2009 dated 23 June 2009, (2009) 141 G.O. 2 (French), 3230.

9. (Omitted).

1997, c. 61, s. 9.

REPEAL SCHEDULE

In accordance with section 9 of the Act respecting the consolidation of the statutes and regulations (chapter R-3), chapter 61 of the statutes of 1997, in force on 1 April 1998, is repealed, except section 9, effective from the coming into force of chapter I-8.01 of the Revised Statutes.