News and resources for Canada's top financial advisors
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R elated Stories |
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At the other end of the country, some of Canada’s accounting leaders warned that all Canadian companies need to realize the inherent value of strong corporate governance rather than simply viewing such practices as a nuisance.
“All companies, regardless of size, need to realize that accountability and transparency can be a competitive advantage rather than a compliance issue,” said John McCulloch, president of CGA Nova Scotia. “Aspiring to the high standards of corporate behaviour will be the ‘price of admission’ for many companies looking to expand into new geographies and territories.”
McCulloch was speaking at a meeting of the Halifax Chamber of Commerce, where he and CGA Canada national president, Tony Ariganello, called for stricter adherence to governance rules as a means to regain the trust of Canadian investors.
“The corruption that we’ve seen in recent years has shaken our markets to the core, squelched investor confidence and destroyed trust in our management structures,” said Ariganello. “Even more recent corporate fiascos still point to the need for greater transparency and accountability in financial reporting. We believe it has to start with a change in values and behaviour.”
Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com
(06/04/04)
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R elated Stories |
|
|
At the other end of the country, some of Canada’s accounting leaders warned that all Canadian companies need to realize the inherent value of strong corporate governance rather than simply viewing such practices as a nuisance.
“All companies, regardless of size, need to realize that accountability and transparency can be a competitive advantage rather than a compliance issue,” said John McCulloch, president of CGA Nova Scotia. “Aspiring to the high standards of corporate behaviour will be the ‘price of admission’ for many companies looking to expand into new geographies and territories.”
McCulloch was speaking at a meeting of the Halifax Chamber of Commerce, where he and CGA Canada national president, Tony Ariganello, called for stricter adherence to governance rules as a means to regain the trust of Canadian investors.
“The corruption that we’ve seen in recent years has shaken our markets to the core, squelched investor confidence and destroyed trust in our management structures,” said Ariganello. “Even more recent corporate fiascos still point to the need for greater transparency and accountability in financial reporting. We believe it has to start with a change in values and behaviour.”
Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com
(06/04/04)
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(June 4, 2004) One of Canada’s most vocal mutual fund firms has offered its opinion, following the request for comment from the Canadian Securities Administrators (CSA) on its corporate governance standards (Proposed Multilateral Policy 58-201 and Proposed Multilateral Instrument 58-101).
Vancouver-based socially responsible investment (SRI) firm Ethical Funds Company called on regulators to improve governance lest corporate Canada fall behind the rest of the world.
“In a competitive global economy, Canadian standards must equal the best international practices,” said Robert Walker, vice-president of SRI policy and research at Ethical Funds. “If we fail to meet these standards, we risk eroding investor confidence in Canadian companies, Canadian capital markets and the Canadian economy.”
The fund company praised CSA’s preference for principle-based standards, saying U.S.-style rules-based standards would not only leave companies bogged down in red-tape, but also encourage them to find loopholes.
“For a ‘comply or explain’ approach to work, investment institutions must devote more energy toward monitoring corporate governance performance and taking appropriate steps when companies are not measuring up,” said Walker.
The firm also made several recommendations, including:
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R elated Stories |
|
|
At the other end of the country, some of Canada’s accounting leaders warned that all Canadian companies need to realize the inherent value of strong corporate governance rather than simply viewing such practices as a nuisance.
“All companies, regardless of size, need to realize that accountability and transparency can be a competitive advantage rather than a compliance issue,” said John McCulloch, president of CGA Nova Scotia. “Aspiring to the high standards of corporate behaviour will be the ‘price of admission’ for many companies looking to expand into new geographies and territories.”
McCulloch was speaking at a meeting of the Halifax Chamber of Commerce, where he and CGA Canada national president, Tony Ariganello, called for stricter adherence to governance rules as a means to regain the trust of Canadian investors.
“The corruption that we’ve seen in recent years has shaken our markets to the core, squelched investor confidence and destroyed trust in our management structures,” said Ariganello. “Even more recent corporate fiascos still point to the need for greater transparency and accountability in financial reporting. We believe it has to start with a change in values and behaviour.”
Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com
(06/04/04)
|
(June 4, 2004) One of Canada’s most vocal mutual fund firms has offered its opinion, following the request for comment from the Canadian Securities Administrators (CSA) on its corporate governance standards (Proposed Multilateral Policy 58-201 and Proposed Multilateral Instrument 58-101).
Vancouver-based socially responsible investment (SRI) firm Ethical Funds Company called on regulators to improve governance lest corporate Canada fall behind the rest of the world.
“In a competitive global economy, Canadian standards must equal the best international practices,” said Robert Walker, vice-president of SRI policy and research at Ethical Funds. “If we fail to meet these standards, we risk eroding investor confidence in Canadian companies, Canadian capital markets and the Canadian economy.”
The fund company praised CSA’s preference for principle-based standards, saying U.S.-style rules-based standards would not only leave companies bogged down in red-tape, but also encourage them to find loopholes.
“For a ‘comply or explain’ approach to work, investment institutions must devote more energy toward monitoring corporate governance performance and taking appropriate steps when companies are not measuring up,” said Walker.
The firm also made several recommendations, including:
|
R elated Stories |
|
|
At the other end of the country, some of Canada’s accounting leaders warned that all Canadian companies need to realize the inherent value of strong corporate governance rather than simply viewing such practices as a nuisance.
“All companies, regardless of size, need to realize that accountability and transparency can be a competitive advantage rather than a compliance issue,” said John McCulloch, president of CGA Nova Scotia. “Aspiring to the high standards of corporate behaviour will be the ‘price of admission’ for many companies looking to expand into new geographies and territories.”
McCulloch was speaking at a meeting of the Halifax Chamber of Commerce, where he and CGA Canada national president, Tony Ariganello, called for stricter adherence to governance rules as a means to regain the trust of Canadian investors.
“The corruption that we’ve seen in recent years has shaken our markets to the core, squelched investor confidence and destroyed trust in our management structures,” said Ariganello. “Even more recent corporate fiascos still point to the need for greater transparency and accountability in financial reporting. We believe it has to start with a change in values and behaviour.”
Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com
(06/04/04)
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