In May 2019, my private Member’s bill: Bill M209: Business Corporations Amendment Act, 2019 received royal assent but required an Order in Council to become enacted. That happened today. I’m delighted to report that effective immediately, the province is now officially the first jurisdiction in Canada to allow companies to incorporate as benefit companies.

As you will see from the government press release (that I reproduce below) I was pleased to sponsor this bill and to collaborate with government to see it become the first ever opposition private members’ bill passed into law in B.C. Our province is home to incredibly innovative companies that want to play a larger role in addressing the challenges and opportunities we face. This legislation helps position our province to be a leader on the cutting edge of global economic trends. By becoming the first jurisdiction in Canada to create benefit companies, B.C. can position our economy for success as we work to recover from the impacts of COVID-19 and beyond.

My bill amended the Business Corporations Act to create a new Part 2.3 that enabled companies to become benefit companies. These companies will have to meet certain requirements, including:

• Committing in their articles to operate in a socially responsible and environmentally sustainable manner, and to promote specific public benefits;
• The directors must act honestly and in good faith to pursue public benefits and consider the interests of persons affected by the company’s conduct
• Reporting publicly against an independent third party standard.

The choice to become a benefit corporation status is completely voluntary and has no impact on other existing corporations, other corporate forms, taxes or government regulation

It’s generally recognized that Canadian corporate law does not have a strict “shareholder primacy” rule as the US does, so directors of companies in Canada have more discretion to pursue a broader mandate beyond maximizing shareholder profits. However, this legislation was needed to

• Provide clarity for directors and shareholders about the nature and mandate of the company – avoid the risk of a shareholder challenge regarding the director’s duties;
• Provide certainty for impact investors of the nature and mandate of the company;
• Enable companies to attract capital while being true to their mission as they grow;
• Protect the vision of the founders of benefit companies from shareholder challenges;
• Provide a simple framework for companies to adhere to that is legally and commercially recognized.

This legislation also encourages more companies to pursue a socially responsible and environmentally sustainable approach to business, creating beneficial outcomes for society as a whole and leveraging the power of business to help us to tackle significant social and environmental challenges.

Below I reproduce government’s press release issued today. I am grateful to the Minister of Finance, the Legislative drafters, and Sarah Miller, a researcher in the BC Green Caucus, that I worked closely with in developing this legislation.

Government Press Release

New business option empowers companies to give back
For Immediate Release
2020FIN0038-001197
June 30, 2020
Ministry of Finance

VICTORIA – Through historic and collaborative legislation, British Columbia is the first province in Canada to create the option of benefit companies, a new way to do business that benefits people, communities and future generations.

“As government, we’re proud to support B.C. businesses that not only want to do well for their stakeholders, but also give back to their communities in important ways,” said Carole James, Minister of Finance. “By providing the framework through legislation, benefit companies will help propel B.C.’s economy into the future, grounded by the values and beliefs that define us as British Columbians. This is especially important now, as we work to build back better from the impacts COVID-19. I want to thank independent MLA for Oak-Bay Gordon Head Andrew Weaver and my colleagues in the third party for being champions of this new business structure from day one.”

Changes to the Business Corporations Act give British Columbians a new option when choosing a corporate structure for their business. A benefit company is a for-profit corporation committed to conducting its business in a responsible and sustainable manner, as well as promoting public benefits in addition to serving the interests of its shareholders. For example, the benefits could be artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific and/or technological.

“I was pleased to sponsor this bill and to collaborate with government to see it become the first ever opposition private members’ bill passed into law in B.C.,” Weaver said. “Our province is home to incredibly innovative companies that want to play a larger role in addressing the challenges and opportunities we face. This legislation helps position our province to be a leader on the cutting edge of global economic trends. By becoming the first jurisdiction in Canada to create benefit companies, B.C. can position our economy for success as we work to recover from the impacts of COVID-19 and beyond.”

A business that becomes a benefit company must:

• specify its public benefit goals in its articles of incorporation, allowing investors to determine if the stated public benefit aligns with their investment and social goals;
• complete and publish an annual benefit report assessing the company’s performance in its promotion of its stated public benefits;
• compare its progress against an independent, third-party standard;
• share the report publicly by making it available at the company’s records office and on the company’s website, if it has one; and
• require the company’s directors to balance the commitments in the benefit provision with their duty to act in the best interests of the company.

“Our work to expand and modernize BC Registries has played a key role in bringing this exciting legislation to life,” said Anne Kang, Minister of Citizens’ Services. “Allowing businesses to register as benefit companies gives them more tools to help improve our communities and the well-being of people. This initiative is another step forward in our work to deliver modern, reliable and easy-to-access services for British Columbians, where and when they need them.”

These amendments ensure that B.C. companies committed to considering the impact of their decisions are able to balance the needs of their shareholders with the values of British Columbians.

The values of collaboration, partnership and public good are foundational to the Confidence and Supply Agreement with the BC Green Party caucus, and it continues to provide the basis for a strong, stable government for British Columbia. By working together, progress continues to be made on shared priorities, like climate change, tackling the housing crisis and building a sustainable economy that works for everyone.

Quick Facts:

• Benefit companies were first introduced in 2010 in the United States and are now possible in 35 U.S. states, as well as Italy and Colombia.
• On May 16, 2019, the Business Corporations Amendment Act (No. 2) received royal assent.
• This is the first private member’s bill from an opposition party to be passed directly into law in B.C.

Learn More:

To learn more about the amendments, visit: www.bclaws.ca/civix/document/id/bills/billsprevious/4th41st:m209-1/search/CIVIX_DOCUMENT_ROOT_STEM:(Business%20Corporation)%20AND%20(benefit)?1#hit1

Today the BC government announced a number of investments across the province to improve active transportation options for British Columbians. I’m very pleased that the University of Victoria, in partnership with the District of Oak Bay, received $316,380 toward Oak Bay’s University Drive Connection Pathway. As noted in our press release, reproduced below, this investment will ensure increased safety for those walking or biking to, from, and around the UVic campus. In addition, active transportation is a key element of the province’s CleanBC economic recovery plan.

Media Release

MLA Weaver response to B.C. government investment in pedestrian and cyclist infrastructure
For Immediate Release
June 24, 2020

Victoria, BC — Today’s announcement by the provincial government regarding investments in pedestrian and cyclist infrastructure on Vancouver Island comes as welcome news. Included in the investment is funding of $316,380 towards Oak Bay’s University Drive Connection Pathway, a bi-directional pathway which will vastly improve commuting and safety for cyclists and pedestrians in the riding of Oak Bay-Gordon Head. This active transportation infrastructure project is expected to be completed by March 2021.

“I’m delighted that the province is investing in active transportation on the University of Victoria campus in partnership with the District of Oak Bay”, commented Andrew Weaver, MLA for Oak Bay Gordon Head, “investing in active transportation is a key element of the province’s CleanBC economic recovery plan”.

“With nearly 22,000 students, this investment will ensure increased safety for those walking or biking to, from and around the campus.”

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Media contact
Judy Fainstein
Executive Director
Legislative Office of Andrew Weaver, MLA
+1 250-744-7615 | Judy.Fainstein@leg.bc.ca

Today Premier John Horgan, Opposition Leader Andrew Wilkinson, interim third party Leader Adam Olsen and I issued a joint statement about the emergency House sitting to support people and businesses affected by COVID-19. Below I reproduce the contents of this statement:

Media Statement

“COVID-19 threatens our health, our economy and our way of life. We must act now, and quickly, to slow the spread of COVID-19 and protect people in our communities.

“We know that people all across B.C. are stressed and anxious about the future. Families are struggling and businesses are hurting.

“Today, Members of the Legislative Assembly joined together to pass legislation to help people and businesses affected by COVID-19.

“There’s a long road ahead of us. But we are united in ensuring the health and safety of British Columbians are protected as we respond to this unprecedented challenge.

“As party leaders, we want to take this opportunity to speak with one voice and challenge every British Columbian to do their part to stop the spread of COVID-19.

“We expect everyone to follow the advice of the provincial health officer, Dr. Bonnie Henry, and take the steps needed to slow the spread of COVID-19.

“By washing our hands, keeping a safe distance from others, staying home if we are sick, and buying only what we need, we can flatten the curve.

“The actions of each of us determine the future for all of us. No matter our politics, now is the time to come together and do our part to stop the spread of COVID-19.”

Today Carole James announced that she won’t be seeking reelection in the next provincial election. Carole has had an exemplary career as a politician both at the provincial and school board level. We have been very fortunate in British Columbia to have her steady hand guiding the province’s budget as Finance Minister for the last two years. While Carole’s voice in the legislature will surely be missed, I’m sure she’ll selflessly contribute to our community in so many other ways in the years ahead.

Thank you Carole for all that you have done for our province. You are an incredible role model to so many, including me, and I very much value your ongoing friendship.

Below I reproduce the text of the statement my office released in response to Minister James’ announcement.

Media Statement

MLA Andrew Weaver responds to Finance Minister James’ statement
For Immediate Release
March 5, 2020

Victoria, BC – Andrew Weaver, MLA for Oak Bay-Gordon Head, released the following statement in response to the announcement by Minister Carole James today that she will not be running again due to a diagnosis of Parkinson’s Disease:

“I am deeply saddened to hear the news of Minister James’ diagnosis and my thoughts are with her and her family during this difficult time. Minister James has had a distinguished career dedicated to the service of British Columbians and she has been a steady hand in this NDP government. “

“It has been a privilege to have known Minister James for over 20 years. I gained tremendous respect for her when she was Chair of the Greater Victoria Board of School Trustees and it has been an honour to work with her in the legislative assembly.”

“I am confident that she will face the challenges associated with this disease head-on and continue to be a positive influence on the direction of this province throughout the remainder of her term.”

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Media Contact:
Judy Fainstein
Executive Director
Legislative Office of Andrew Weaver, MLA

+1 250-744-7615  |  Judy.Fainstein@leg.bc.ca

Today the BC NDP delivered the budget for the next fiscal year. Below I reproduce the media release my office issued in response to it. As you will see from the release (reproduced below), I was pleased with Budget 2020 and I look forward to expanding on these initial remarks when I respond in the legislature hopefully tomorrow.

Media Release

MLA Weaver responds to 2020 Budget
For Immediate Release
February 18, 2020

Victoria, BC — The BC NDP’s 2020 Budget is one that invests in the people of British Columbia and charts a path forward for a sustainable economy that works for everyone.

“I’m delighted to see this government continuing to work towards lowering the cost of living for middle class British Columbians,” said Andrew Weaver, MLA for Oak Bay-Gordon Head. “Actions such as the elimination of MSP premiums which I have long advocated for, the construction of new affordable housing units, the raising of earnings exemptions for those on income and disability assistance, and increased funding for childcare and public education should ensure that the benefits of economic growth in BC are widely shared”.

While the 2020 budget introduces several changes that positively impact the lives of British Columbians now, it is also forward looking, making significant investments into the future of the province and in particular today’s youth. Funding dedicated to increasing the supply of teachers, counsellors, and psychologists contribute to the positive social and cognitive development of our children as they move through school.

The creation of the needs-based, up-front BC Access Grant should equalize post-secondary educational opportunities in the province by allowing students to focus on their studies without worrying about how they are going to pay for their tuition. New 24/7 mental health resources for students at post-secondary institutions should no longer place young adults in a position where they feel like they have to choose between their personal well-being and academic success.

“BC’s 2020 budget also makes necessary infrastructure investments, at a time when access to capital is cheap, to manage a growing population while, at the same time, transitioning the province to a low-carbon economy by linking capital expenditures to Clean BC,” adds Weaver.

The construction of new hospitals, bridges, roads, houses, and schools promise to create numerous good, well-paying jobs in all regions of our province in addition to alleviating strains on public services.

“Innovative design and the integration of BC engineered wood products and energy/energy conservation systems into these capital projects demonstrates British Columbia’s ongoing leadership in recognizing that the reduction of greenhouse gas emissions can be paired with job creation throughout the province,” notes Weaver.

Although the budget does continue to devote resources to projects which I continue to oppose, such as the Site C dam and LNG developments, I am pleased that the government is now demonstrating its commitment to the economy of tomorrow by supporting the emerging bioeconomy, the quantum computing sector, the agri-tech and life sciences. The continued backing of renewable energy projects, ZEVs, and electric aircrafts will make our economic growth largely sustainable.

At its heart, the 2020 budget is one that places people first while embracing the opportunities created by technological and climatic change, ensuring that BC is well positioned to thrive moving forward.

MLA Weaver will monitor the progress and implementation of these budget measures to ensure they benefit the people of British Columbia.

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Media contact
Judy Fainstein
Executive Director
Legislative Office of Andrew Weaver, MLA
+1 250-744-7615 | Judy.Fainstein@leg.bc.ca