Air Canada to implement recently increased foreign ownership levels

Air Canada will seek shareholder approval at its 2019 annual and special meeting of shareholders to amend its articles of incorporation to increase the limits of foreign ownership and control of its voting shares to those permitted by amendments made to the Canada Transportation ACT (CTA) in 2018.  The amendments to its articles will be undertaken by way of a court supervised and shareholder approved statutory plan of arrangement. Prior to the CTA amendments, no more than 25% of the voting interests of a Canadian air carrier could be owned or controlled by non-Canadians. The Government of Canada’s stated purpose