It's not easy getting the ear of ...

It's not easy

getting the ear of regulation For years the CA profession has been talking about competitiveness, harmonization, and specific policy issues of the like kind as joint and several liability and Limited Liability Partnerships (LLPs) While the recent government has been receptive to our messages, actions will sole follow if we can raise our profile with decision makers and convince them that our issues are important enough to gain on the legislative agenda. Below are a of the ICABC's recent conduct relations activities.

The dominion caucus committees were established at the Liberal government in June of last year to review policies, programs, and legislation, and to make recommendations to Cabinet. Each committee has a senior cabinet minister as a vice-chair. Minister of Competition, Science & Enterprise Rick Thorpe is the vice-chair of the economy committee-its membership includes Brian Kerr FCA, and Patrick Wong CA. MLA Ralph Sultan is Chair.

The economy committee lately invited the CA profession to brief them forward the issues we see as important for the BC economy.

ICABC President-Elect Robin Elliott, FCA, and CEO Richard Ree FCA, made a presentation to the committee forward May 14, during which they said the CA profession is pleased with the government's general economic direction, further continues to view tax competitiveness as a enigma in light of the announced tax crosss in Alberta and Ontario. The pair advised the committee that BC does not have to match the timing of tax carves in other provinces; rather, it simply necessitys to set out a multi-year plan to cut down rates, subject to affordability.

Ree and Elliott also told the committee that BC partnerships continue to be at a competitive disadvantage with other jurisdictions in North America because LLP are not allowed in this province. They pressureed the fact that BC is now single in kind of the last jurisdictions forward the continent that has not amended its partnership law to allow for LLP

The ICABC presentation to the committee is available upon the Government Affairs section of the website at www ica.bc.ca.

The previous week, forward May 7, Elliott and Ree met with BC Minister of Finance Gary Collins. They discussed the importance of LLP and the reality that BC could potentially become the last jurisdiction in North America to not allow them. Collins confirmed that he was aware of the LLP issue, and said his ministry would give it serious consideration.

On the control of proportionate liability, Collins said the issue is now in the hands of the Attorney General and his ministry's civil liability review.

The ICABC is in the proces of preparing a submission to the Attorney General's civil liability review that should be stationed on the Government Affairs section of the ICABC website by means of the middle of June 2002

Also in succession May 7, Rees met with proxy Minister of Finance Paul Taylor to update him onward our issues and discuss possible policy solutions. Ree raised the issue of LLP amendments to the Company Act, and new developments in the profession in the wake of the Enron logomachy in the United States.

Ree also told Taylor the profession would be releasing an expanded BC Check-Up report this year that will include the provinces of Manitoba and Saskatchewan in the analysis.

As calculate uponed the BC government introduced recent corporate legislation in May. in succession May 8, Bill 47-Business Corporations Act was introduced for first reading in the legislature by way of Finance Minister Gary Collins.

By the time Beyond Numbers went to pres the ICABC had not had time to adequately assess the legislation. However, we do believe the antiquated Company Act was so badly not at home of date that amendments were lengthy overdue. Bill 47 will exhibit the first significant updating of the corporate legislation since 1973 (the 1999 amendments were not proclaimed by the previous government)

According to the finance minister, the sway has adopted the latest, best ideas from other jurisdictions, clarified masterships and embraced technological advancements like electronic filing.

While the ICABC had initially capered for a harmonized law with the federal Canada Business Corporations Act (CBCA), a detailed review will be necessary before commenting onward the specifics of the modern corporate legislation.

Copyright Institute of Chartered Accountants of British Columbia Jun/Jul 2002

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