Fiscal, Financial and Corporate Transparency (CA0076)

Issue to be addressed Fiscal, financial and corporate transparency is an open government policy area that requires time and persistence. While progress has been made through various past commitments, open contracting data, beneficial ownership transparency, and fiscal transparency are key components of an open government. This is especially true when it comes to managing the COVID-19 response and recovery programs, managing public funds and countering the risks of corruption. Civil society also raised the issue of the accountability of our democratic institutions becoming more privatized through technology and software, where non-state parties are increasingly dictating how certain technologies will affect citizens.

Problem statement People of Canada raised the need for increased transparency and accountability around the management of public funds during the COVID-19 pandemic and the need to incentivize the private sector to be more transparent about their ultimate owners.

Commitment The Government of Canada commits to take the first steps toward the implementation of a publicly accessible beneficial ownership registry, including engaging partners to support coordinated implementation and a harmonized approach, and monitor the strategic management of public procurement of technology and software. Overall, it will help improve corporate and governmental transparency and accountability.

Milestones

3.1 Pursuant to the Budget 2022 commitment the Government of Canada will implement a public and searchable beneficial ownership registry by the end of 2023. The registry will cover federally regulated corporations and will be scalable to allow access to the beneficial ownership data held by provinces and territories that agree to participate in a national registry (Deadline: December 31, 2023, Dept: ISED)

- 3.1.1 Summit for Democracy: The Government’s approach to beneficial ownership disclosures is informed by stakeholders’ views on specifications for a made-in-Canada solution

- 3.1.2 Federal legislative provisions necessary to implement the national beneficial ownership registry are in place in a timely manner, to support launch of the registry

- 3.1.3 The registry is accessible to the public by the end of 2023

3.2 Engage federal, provincial and territorial partners to support coordinated implementation and a harmonized approach to ultimate beneficial ownership (Deadline: December 31, 2023, Dept: ISED)

- 3.2.1 Summit for Democracy: Regular consultations are held with federal, provincial and territorial partners and counterparts to discuss a harmonized made-in-Canada solution that is scalable and can facilitate participation by the provinces and territories

- 3.2.2 Canada consults with international counterparts to acquire lessons learned and best practices for implementing a publicly accessible beneficial ownership registry

3.3 Monitor the strategic management of technology and software procurement within the Government of Canada (Deadline: June 2024, Dept. TBS)

- 3.3.1 Based on data availability, release the aggregate details of applications used by the Government of Canada

- 3.3.2 Work toward developing policy instruments for the ethical use of information technology in the Government of Canada