The move is expected to save 400,000 hours of time, too
The province of Nova Scotia has introduced a new legislation that seeks to permanently allow virtual and hybrid meetings for several organisations.
Under the Act to Permit Virtual Business Meetings, provincially regulated companies, co-operatives, societies, and condominium corporations will have the option to continue meeting virtually or with a mix of in-person and virtual participants.
The legislation also seeks to set parameters around holding virtual and hybrid meetings, while giving flexibility to how meetings are held.
According to the Office of Regulatory Affairs and Service Effectiveness, it will save businesses about $4 million annually and 486,000 hours of travel time for employees.
More than 55,000 entities are expected to benefit from the legislation, including corporate bodies that are formed under the organisations, said the provincial government in its announcement.
Colton LeBlanc, Minister of Service Nova Scotia and Internal Services, attributed the legislation to the pandemic, where companies had to look for "innovative ways to continue doing essential business while following public health guidelines."
"The proposed amendments respond to their request to permanently allow the option to hold virtual or hybrid meetings as they have demonstrated they can do so effectively and responsibly," said LeBlanc.
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Once passed, it will permanently make amendments to the Companies Act, Co-operative Associations Act, Societies Act, and the Condominiums Act.
A similar policy has been implemented by the provincial government while the province was under the state of emergency, but the rule expired a month ago.
Jamie Ferguson, chief executive officer of Sport Nova Scotia, welcomed the introduction of the amendments.
"We are pleased that the opportunity to continue to hold virtual meetings through electronic means will be maintained. The pandemic required many changes for all of us, and in this instance, we've found one that can help non-profits engage more of their membership in regular meetings and reduce the travel and financial burden on our volunteers," Ferguson said in a statement.