This article was last updated on April 16, 2022
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The federal government has cautioned mining and energy companies of harsher punishments if they violate its upcoming its new corporate social responsibility policy. According to the new policy, the violating companies could be punished by withdrawing their support from agencies such as Export Development Canada and embassies abroad.
The announcement regarding the policy is yet to be made by International Trade Minister, Ed Fast, during a speech in Vancouver on Friday. Mr. Fast plans to highlight that it is important to protect Canada’s “brand” as a global heavyweight in the resource industries. The draft copy of the ministers’ speech tells that the minister would say “let there be no mistake, Canada’s expertise in the extractive sector is second to none; Canada is a world leader in sustainable technology, and in environmentally, ethnically and socially responsible business practices. That is the ‘Canada brand’ – it is how we are known throughout the world.”
The government is soon expected to unveil its new corporate social responsibility (CSR) strategy as part of its broader effort to enhance the business prospects for resource companies abroad. In accordance with the policies adopted by the European Union and the United States, Ottawa is already gearing up to impose new transparency standards on resource companies, having introduced legislation this fall that will require them to report all payments made to national, state and local governments both at home and abroad.
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