The amendments will use new terms that need to be defined. Currently, only \u201cmembers of senior management\u201d is already defined, appearing in subsection 172.1(1) of the CBCA. ISED proposes having the same definition apply to the new obligations respecting remuneration disclosure.<\/p>\n

The proposed new definitions for \u201cretirees\u201d and \u201cpensioners\u201d aim to distinguish between those who receive a pension and those who receive other benefits from a corporation. A person may be both or only one.<\/p>\n

\u201cRetiree\u201d could mean \u201ca person who has concluded their working or professional career with a corporation, and receives or will receive post-employment benefits other than a pension from that corporation.\u201d<\/p>\n

\u201cPensioner\u201d could be defined as \u201ca person who receives regular payments from a corporation from a fund accumulated during that person’s employment with that corporation, or a spouse or dependents of such a person receiving the payments after the person is deceased.\u201d<\/p>\n