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What the amendments of Bill C-59 mean for Canadian companies
July 12, 2024
TMX Group & Carbonhound
ESG, Disclosure, Governance, Investor Relations
Canada's Bill C-59 received royal assent on June 20th, 2024 and officially became a law. The amendments to Canada's Competition Act will require businesses to provide evidence supporting any environmental claims. Private enforcement will be allowed, without needing to prove personal loss or damages. Failure to comply with the new requirements can result in monetary penalties up to $10 million, or three times the benefit obtained from the claim, or 3% of the company's annual global gross revenue.
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