OECD Corporate Governance Factbook 2025: Canada
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Canada’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In September 2023, the Canadian Securities Administrators (“CSA”) announced the adoption of Multilateral Instrument 93-1011 regulating the business conduct of dealers and advisers in the over-the-counter derivatives market. In September 2024, the instrument was adopted nationally as a National Instrument 93-101 Derivatives: Business Conduct.
In August 2025, the CSA published amendments related to adopting an expedited shelf prospectus regime for well-known seasoned issuers. This regime makes it more efficient for well-known issuers with a strong market following and a complete continuous disclosure record to access capital in Canada, supporting the competitiveness of Canadian markets.
As of January 2024, corporations regulated under the Canada Business Corporations Act are required to file beneficial ownership information to strengthen the beneficial ownership regime to enhance corporate transparency. This information has been used for the creation of a public database of beneficial ownership, searchable for free.
In January 2024, Canada’s modern slavery legislation, the Fighting Against Forced Labour and Child Labour in Supply Chains Act and to amend the Customs Tariff came into force requiring corporations, trusts, partnerships and other organizations to file an annual report setting out, among other things, steps taken to prevent and reduce the risk that forced or child labour is used in the production of goods produced or imported into Canada.
In September 2023, the Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems was released. This adaptable framework outlines valuable measures that can reduce the risks that can emerge during the development or use of AI systems by organisations.
In December 2024, the Canadian Sustainability Standards Board released the Canadian Sustainability Disclosure Standards, which are aligned with International Sustainability Standards Board guidelines. These standards reflect a commitment to aligning with international benchmarks on sustainability reporting and disclosure.
In July 2025, the Government launched a Red Tape Review of all regulations across the federal departments and agencies. As of 9 September 2025 over 500 initiatives have been identified; among them are measures to modernise key corporate governance frameworks.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Canada |
1 917 |
|
39.9% |
USD 2 550 bn |
113.8% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* The fiduciary duty in Section 122 of the Canada Corporations Act permits boards to consider non-shareholder interests in their decision-making.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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