The Ontario Ministry of Government and Consumer Services has released a long anticipated report on a potential framework for the introduction of a “hybrid” corporate structure in Ontario. Such legislation would be designed to facilitate social enterprise and may be similar to hybrid structures introduced recently in British Columbia and Nova Scotia.
The report sets out a number of recommendations as to whether such legislation should be introduced and with regard to the appropriate structure for hybrid corporations in Ontario. These recommendations were developed by a volunteer panel of stakeholders with expertise in the field of social enterprise, including Susan Manwaring of Miller Thomson.
The Ontario Ministry is seeking public comments on the report. Comments are due by May 4, 2015. Based on the consultation and comments, the Ontario government will consider whether and how legislation can be used to support investment and growth in the field social enterprise.
The report, along with information on how to submit comments, is available on the Government of Ontario’s website. Miller Thomson’s Charities and Not-for-Profit Newsletter will keep readers apprised of developments in this matter.