Canada Business Corporations Regulations, 2001 — 72.2
72.2 (1) The following definitions apply in this Part. designated groups has the same meaning as in section 3 of the Employment Equity Act . ( groupes désignés ) major subsidiary means, in respect of a distributing corporation, a subsidiary that (a) has assets, as included in the distributing corporation’s most recent annual audited or interim balance sheet or most recent statement of financial position, that are 30 percent or more of the consolidated assets of the distributing corporation reported on that balance sheet or statement of financial position, as the case may be; or (b) has revenue, as included in the distributing corporation’s most recent annual audited or interim income statement or most recent statement of comprehensive income, that is 30 percent or more of the consolidated revenue of the distributing company reported on that statement. ( filiale importante ) (2) For the purposes of subsection 172.1(1) of the Act, a distributing corporation is a prescribed corporation. (3) For the purpose of subsection 172.1(1) of the Act, members of senior management means, in respect of a distributing corporation, the following individuals: (a) the chair and vice-chair of the board of directors; (b) the president of the corporation; (c) the chief executive officer and chief financial officer; (d) the vice-president in charge of a principal business unit, division or function, including sales, finance or production; and (e) an individual who performs a policy-making function in respect of the corporation. (4) For the purpose of subsection 172.1(1) of the Act, the following information is prescribed: (a) indication of whether or not the distributing corporation has adopted term limits for the directors on its board or other mechanisms of board renewal and, as the case may be, a description of those term limits or mechanisms or the reasons why it has not adopted them; (b) indication of whether or not the distributing corporation has adopted a written policy relating to the identification and nomination of members of designated groups for directors and, if it has not adopted a written policy, the reasons why it has not adopted the policy; (c) if the distributing corporation has adopted the written policy referred to in paragraph (b), (i) a short summary of the policy’s objectives and key provisions, (ii) a description of the measures taken to ensure that the policy is effectively implemented, (iii) a description of the annual and cumulative progress by the distributing corporation in achieving the objectives of the policy, and (iv) whether or not the board of directors or its nominating committee measures the effectiveness of the policy and, if so, a description of how it is measured; (d) whether or not the board of directors or its nominating committee considers the level of the representation of designated groups on the board in identifying and nominating candidates for election or re-election to the board and, as the case may be, how that level is considered or the reasons why it is not considered; (e) whether or not the distributing corporation considers the level of representation of designated groups when appointing members of senior management and, as the case may be, how that level is considered or the reasons why it is not considered; (f) whether or not the distributing corporation has, for each group referred to in the definition designated groups , adopted a target number or percentage, or a range of target numbers or percentages, for members of the group to hold positions on the board of directors by a specific date and (i) for each group for which a target has been adopted, the target and the annual and cumulative progress of the corporation in achieving that target, and (ii) for each group for which a target has not been adopted, the reasons why the corporation has not adopted that target; (g) whether or not the distributing corporation has, for each group referred to in the definition designated groups , adopted a t