Since the adoption in 2019 of certain amendments to the Canadian Securities Act (“CSA”), directors have been able to take into account the interests of shareholders, employees, creditors, consumers, governments and the environment, among other things, in their decision-making. More recently, a bill of interest to the public was introduced in the Senate, possibly to be titled the 21st-Century Business Act (“Bill S-285”(1)), proposing substantive amendments to the Canada Business Corporations Act (“CBCA”). The proposed legislation defines the “purpose” of corporations, while linking the fiduciary duties of directors and officers to this new concept. According to a potentially new section of the CBCA, a “corporation’s purpose” is “to pursue its best interests while also operating in a manner that: a. benefits the wider society and the environment in a manner proportionate to its size and the nature of its operations; and b. minimizes any harm that the corporation causes to the wider society and the environment…” The legislators’ concern for environmental issues reflects the concern of shareholders and society as a whole with respect to environmental issues and the impact that organizations can have on them. We therefore ask the Board of Directors to reconsider its position regarding our proposal.