Alberta Legislature -- LNN

By Connor Gunn/LethbridgeNewsNOW

Alberta proposing changes to attract business to the province

Nov 16, 2021 | 9:00 AM

EDMONTON – The Alberta Government is “Ensuring Alberta is the first choice for business,” the provincial release reads.

“A crucial part of Alberta’s Recovery Plan is attracting investment, which will help further diversify the province’s economy. In keeping with that goal, proposed amendments to the Business Corporations Act will open more doors by providing the framework and mechanisms that businesses need,” the release states.

The province says they are working with groups, businesses, and experts to identify additional actions that can be taken to further grow the economy through increased investment.

Doug Schweitzer, Minister of Jobs, Economy, and Innovation says Alberta will be a place to invest in for business owners.

“Alberta is jumping to the top of the list in Canada with these changes. If you’re looking to invest in Canada, these changes make Alberta the logical destination to start and grow your business.”

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The Business Corporations Act (BCA) sets out the rules and requirements for a business to incorporate in Alberta.

“Proposed changes would mean that Alberta’s legislation is in line with other provinces and, wherever possible, make the province a leader over other jurisdictions. Ensuring that the legislation is up to date and provides the framework and mechanisms to encourage incorporation, investment, operation, growth, and success is important to helping Alberta attract further private sector investment and diversify our economy,” the release reads.

The proposed amendments would “modernize the act, making it more readable and easier to understand.”

Those amendments include:

• Clarify directors’ responsibilities and protections.
• Expand opportunities for directors and officers by permitting corporations to allow corporate opportunity waivers in a company’s Articles of Incorporation or Unanimous Shareholder Agreement.
  • If passed, this will put Alberta on the leading edge of modernizing corporate legislation in the country.
• Provide a longer time frame (10 years) for dissolved corporations to get back into the business and remove the current time frame (five years) for non-profit companies, societies, and cooperatives.
• Reduce administrative burdens around shareholder approvals by moving from a requirement of unanimity to a threshold of two-thirds approval in two specific situations:
  • waiving the requirement of audited financial statements of privately held non-distributing corporations
  • passing a written resolution instead of holding a shareholder meeting
• Align with other Canadian provinces and with the federal government.

You can read more on the announcement at Alberta.ca.