The Alberta Securities Commission has published results a survey of market players to assessing the impact of possible changes to the legislation that sets out the rules of corporate governance.

The survey found that Canadian regulators should take time to consider each U.S. initiative thoroughly before adopting any specific initiative. Furthermore, the securities commissions, not the stock exchanges, should lead a coordinated response to corporate governance issues, but strict detailed rules do not ensure good corporate governance.

In addition to these general themes, participants also provided the ASC with feedback regarding the specific requirements found in U.S. initiatives. For example, there is little objection to requiring management to certify their financials. Audit committee independence is preferable, but the differences between large-cap, small-cap, and micro-cap issuers must be taken into account. It is not necessary to prohibit loans to directors and executive officers. There is no strong objection to giving employees whistle-blowing protection.

The survey was sent to over 3000 market participants, including all issuers listed on the TSX Venture Exchange, all other Alberta based reporting
issuers, the Investment Dealers Association, and the Institute of Chartered Accountants of Alberta. Market participants including practicing securities
lawyers and accountants, investment dealers, and public company representatives participated in focus groups to discuss the U.S. corporate governance initiatives.