Stop Job-Killing Foreign Takeovers
“Liberal and Conservative governments have consistently
rubber-stamped foreign takeovers of Canadian companies without any
transparency or accountability to the Canadian people,” said Gravelle.
“And when Parliamentarians seek details on these takeovers, they are
denied by the Industry Minister. This bill will change that.”
Gravelle’s bill, An Act to amend the Investment Canada Act (committee
members), expands Section 36 of the Investment Canada Act (ICA) to
include members of the Standing Committee on Industry in the
decision-making process, and therefore allowing the Minister to consult
with committee members, and conversely, allowing committee members to
ask for details on foreign takeovers.
“Amending Section 36 would provide meaningful oversight by
parliamentarians and allow multi-party review of foreign takeovers,”
said NDP Industry Critic Brian Masse (Windsor West), who joined Gravelle
at the press conference to announce the legislation. “A multi-party
involvement in foreign acquisitions of Canadian companies would provide
greater public confidence in the process.”
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