{"id":21051,"date":"2016-01-11T16:31:04","date_gmt":"2016-01-11T21:31:04","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=21051"},"modified":"2016-01-11T16:31:04","modified_gmt":"2016-01-11T21:31:04","slug":"remuneration-disclosure-obligations-of-b-c-s-new-societies-act","status":"publish","type":"post","link":"https:\/\/cccc.org\/news_blogs\/legal\/2016\/01\/11\/remuneration-disclosure-obligations-of-b-c-s-new-societies-act\/","title":{"rendered":"Remuneration Disclosure Obligations of B.C.’s New Societies Act"},"content":{"rendered":"

Authored by Nevena Belovska, Associate Director of Legal Affairs<\/em><\/p>\n

The new British Columbia Societies Act<\/em> is set to replace the current Society Act <\/em>on November 28, 2016. While it is, in many ways, similar to the outgoing Society Act, <\/em>it also introduces a number of new elements and concepts. Some of the key changes have been reviewed in a previous Noteworthy blog post and can be found here<\/a>.<\/p>\n

One of the new requirements under the Societies Act<\/em> for publicly funded societies[i]<\/a> is the disclosure of remuneration for directors, employees, and contractors.[ii]<\/a><\/p>\n

Directors<\/em><\/p>\n

The financial statements of a publicly funded society must include a note listing all the directors that the society has paid during the period covered by the financial statements along with their position or title, the amount of remuneration, and \u00a0if remunerated for acting in a capacity other than director, a description of the capacity in which each such director acted. The names of the directors do not have to be disclosed.<\/p>\n

Employees and Contractors<\/em><\/p>\n

The note must also include the remuneration paid by the society to all employees and contractors whose remuneration was at least $75,000, unless there are more than ten employees and contractors remunerated at over $75,000, in which case only the ten most highly remunerated persons must be included in the list.<\/p>\n

The list must include<\/p>\n