(July 10 – 11:30 ET) – The Toronto Stock Exchange, the Canadian Venture Exchange, and the Canadian Institute of Chartered Accountants are announcing that Guylaine Saucier has been appointed chairwoman of a new industrywide Corporate Governance Committee.
Under Saucier, this new committee will review the current state of corporate governance in Canada, comparing Canadian and international best practices, and make recommendations for changes.
The new committee replaces the Dey Committee, which was first struck six years ago, and last year produced a report updating its findings. That committee did 18 months of study, including public meetings across Canada. Today it also released its latest, and last, update.
The rest of the new committee will be chosen by the end of the summer, and a report is expected by spring 2001.
Saucier is chairwoman of the CBC and sits on the boards of Bank of Montreal, Petro-Canada and Nortel Networks Corp. She also recently served as chairwoman of the CICA Board of Directors, was a member of the CICA Task Force on Corporate Governance and chaired the Directors Advisory Committee to the CICA’s Criteria of Control Board.
“Corporate governance is a long-standing interest of mine, and I am encouraged to see the progress that some Canadian companies are starting to make in this area,” says Saucier. “However, we still have a great deal to accomplish particularly as governance is becoming an international business issue as well. For Canadian markets to attract investors, we would be wise to ensure that our governance practices respond not only to business needs at home, but also keep pace with developments in other countries.”
-IE Staff