Listed's Expert Community

Views
Ken Hugessen

Executive Compensation 		Richard Leblanc

Law and Governance 		Robert Olsen

Corporate Finance 		Sandra Odendahl

Environmental Affairs 		Chaya Cooperberg

Investor Relations
John Caldwell

Risk 		The Director's Chair David W. Anderson

Top Stories

Two steps forward

From jobs to GDP growth, the long-awaited U.S. economic rebound is underway. But don’t mistake these nascent positive trends for anything close to full recovery. That will be years in the making
 By Ian McGugan
 March 16th, 2012

CANADIAN BUSINESSES have been disappointed for so long in the U.S. economy that it’s only natural to look with a splenetic eye at the most recent data streaming over the border. Jobs growth has jumped beyond modest expectations, the stock market … Continue reading →

Dividends: Should you yield to yield investors?

By Bruce Freedman
 March 16th, 2012

WITH HISTORICALLY low interest rates, and an uncertain economic climate, high dividend stocks have been on a tear over the past two years. It seems every day another TV pundit preaches the mighty dividend, and corporations are increasingly moving to … Continue reading →

“Pssst! U.S. liquidity…cheap!”

Okay, the OTCQX over-the-counter market isn’t that big of a secret. But it’s still surprising to learn how many Canadian companies are turning to it as an alternative to the cost and headache of listing on a U.S. exchange
 By Paul Brent
 March 16th, 2012

IT’S A CRAZY LITTLE growth story that hasn’t entirely found the spotlight. But it has found its market. Twice a week, every week, for the past year and a half, another Canadian listed company has signed up trade its shares … Continue reading →

How to see it coming

The failure to understand and evaluate the interconnectivity and compounding effects of risks is a major flaw in the way many boards oversee enterprise risk
 By John Caldwell
 March 15th, 2012

While board members from time to time may lay awake thinking about a so-called “Black Swan” event that could cause catastrophic damage to the company for which they serve as directors, we would assert that far fewer directors share sleepless … Continue reading →

Who owns the strategy?

Is it the CEO? Or the board? The answer, says board consultant and author Beverly Behan, is the CEO. But woe the chief who thinks the board’s a rubber stamp. A better approach: engage directors early, and often
 By Beverly Behan
 January 3rd, 2012

MANY BOARDS consider the oversight of corporate strategy their most important governance responsibility. For the past two years, “strategic planning and oversight” has ranked first—by a wide margin—in national surveys of U.S. public company directors about their top priorities. Despite … Continue reading →

Many are cast, fewer are counted

New rules for things like director elections and majority voting are on OSC and TSX agendas. Should they overhaul the proxy voting process instead?
 By Celia Milne
 December 20th, 2011

Everyone’s talking about democracy. And Bay Street, it seems, is no exception. Say-on-pay, individual election of directors, majority voting and the potential for proxy access; in some form or another, these are all current action items for the Ontario Securities … Continue reading →

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Ticker

Game, set…rematch?

Despite seeing its proposed legislation for a national securities regulator shot down by the Supreme Court, the Harper government has signaled it plans to keep pushing the issue
 By Jim Middlemiss
 March 16th, 2012

JUST WHEN you thought you might get a break from hearing about the federal government’s plans for a national securities regulator—it did just lose a Supreme Court of Canada ruling on the issue in December, after all—the subject is still … Continue reading →

Dividends: Should you yield to yield investors?

By Bruce Freedman
 March 16th, 2012

WITH HISTORICALLY low interest rates, and an uncertain economic climate, high dividend stocks have been on a tear over the past two years. It seems every day another TV pundit preaches the mighty dividend, and corporations are increasingly moving to … Continue reading →

“Pssst! U.S. liquidity…cheap!”

Okay, the OTCQX over-the-counter market isn’t that big of a secret. But it’s still surprising to learn how many Canadian companies are turning to it as an alternative to the cost and headache of listing on a U.S. exchange
 By Paul Brent
 March 16th, 2012

IT’S A CRAZY LITTLE growth story that hasn’t entirely found the spotlight. But it has found its market. Twice a week, every week, for the past year and a half, another Canadian listed company has signed up trade its shares … Continue reading →

Many are cast, fewer are counted

New rules for things like director elections and majority voting are on OSC and TSX agendas. Should they overhaul the proxy voting process instead?
 By Celia Milne
 December 20th, 2011

Everyone’s talking about democracy. And Bay Street, it seems, is no exception. Say-on-pay, individual election of directors, majority voting and the potential for proxy access; in some form or another, these are all current action items for the Ontario Securities … Continue reading →

Can Maple seal the deal?

The fate of the TMX has been the talk of 2011. Now it’s all come down to the ability of a sole remaining suitor, the bank-led Maple Group, to overcome competition concerns and win over a skeptical market
 By Jim Middlemiss
 October 7th, 2011

Melanie Aitken has earned a reputation for being a tough competition cop. Appointed to head the country’s Competition Bureau in 2009, Aitken has taken on realtors, whacked Bell Canada with a $10-million fine for false advertising and is busy chasing … Continue reading →

Unfinished business

Now that the Harper government has its stable majority, issuers and the investment community are waiting for action on some long-outstanding files
 By Dana Lacey
 June 25th, 2011

In his post-election glow, Prime Minister Stephen Harper promised Canadians he would avoid any radical policy changes. During the campaign, he leaned heavily on one line in particular: the importance of a stable, majority government to navigate the country through … Continue reading →

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Views

Saying no to social media

Now here’s a contrarian view: for many companies, communicating with shareholders through social media may be a massive waste of time
 By Michael Salter
 March 15th, 2012

This is the new orthodoxy: social media is an irresistible force and it’s increasingly being used to communicate with existing or prospective shareholders. If your company’s investor relations officer (IRO) isn’t on board, she or he is a technophobe who … Continue reading →

Water: your next risk factor

Once just a concern for certain users, water management and water risks are fast becoming every company’s business. Canada is not immune—though our bounty could be a strategic edge
 By Sandra Odendahl
 March 15th, 2012

In recent years, it’s seemed like the only environmental issue getting any attention from the business community is climate change. However, a newer environmental risk is emerging in business conversations and in business publications—water. Every product and almost every service … Continue reading →

How to see it coming

The failure to understand and evaluate the interconnectivity and compounding effects of risks is a major flaw in the way many boards oversee enterprise risk
 By John Caldwell
 March 15th, 2012

While board members from time to time may lay awake thinking about a so-called “Black Swan” event that could cause catastrophic damage to the company for which they serve as directors, we would assert that far fewer directors share sleepless … Continue reading →

Hired today, gone tomorrow

Boards are spending more time than ever scrutinizing CEO compensation. Yet many fail to do the same when it comes to exit packages. Don’t be caught out: as with celebrity prenups, it pays to plan ahead
 By Ken Hugessen
 March 15th, 2012

Boards today spend a lot of time and energy on establishing appropriate compensation arrangements for the CEO—including base salary levels, incentive plan design, and performance measures and targets. Often though, not enough time is spent on provisions triggered on various … Continue reading →

Lead from the front

When it comes to moving targets in governance, few things are moving faster today than executive compensation. Here are 10 key areas to address to ensure your board stays ahead of the rules
 By Richard Leblanc
 March 15th, 2012

The governance of executive compensation by boards continues to be in the headlines. Regulation has emphasized the independence of compensation committees and consultants, similar to what Sarbanes-Oxley did for audit committees and auditors. However, given the occupy movements and wealth … Continue reading →

Cash out? Or double down?

Cheap debt has played a big part in pushing Canadian commercial real estate prices back to pre-recession 2007 levels. For a growing number of companies, the question is how to play the next round?
 By Robert Olsen
 March 15th, 2012

Credit is the lifeblood of commercial real estate. Real estate is a capital-intensive industry so debt, and lots of it, is typically required to support real estate transactions. Fortunately, the Canadian commercial real estate sector has benefited from a healthy … Continue reading →

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Features

Change time is anytime

There’s only one Hunter Harrison. But the fight he’s led with activist Bill Ackman for Canadian Pacific Railway should have every director thinking about board renewal—and what happens when it slips
 By Cooper Langford
 March 16th, 2012

UP UNTIL THIS YEAR, E. Hunter Harrison’s reputation as a railway titan rested squarely on his tenure as CEO of Canadian National Railway Co. when, from 2003 to 2009, he built CN into a North American leader in efficiency and … Continue reading →

2011 Report on M&A: Welcome to Splitsville

M&A? For some, 2011 was the year of the breakup. Here’s how Toromont caught the wave
 January 6th, 2012

Interview by Paul Brent What do Tyco, McGraw-Hill, Hewlett-Packard, Abbott Laboratories, Kraft Foods, ConocoPhillips and Sara Lee all have in common? In 2011, all of those giant U.S. corporations discussed or executed company-rending spinoffs, splits or demergers. All the action … Continue reading →

Who owns the strategy?

Is it the CEO? Or the board? The answer, says board consultant and author Beverly Behan, is the CEO. But woe the chief who thinks the board’s a rubber stamp. A better approach: engage directors early, and often
 By Beverly Behan
 January 3rd, 2012

MANY BOARDS consider the oversight of corporate strategy their most important governance responsibility. For the past two years, “strategic planning and oversight” has ranked first—by a wide margin—in national surveys of U.S. public company directors about their top priorities. Despite … Continue reading →

Top 10 Deals 2011; Top Banks, Law Firms

Top 10 M&A deals in 2011 by Canadian acquirers
 January 3rd, 2012

Rank: 1 Target: Equinox Minerals Ltd. Buyer: Barrick Gold Corp. Value: $7.7 billion** Investment Banks: Barrick: RBC Capital Markets; Morgan Stanley Equinox: CIBC World Markets; Goldman Sachs; TD Securities Law Firms: Barrick: Clayton Utz; Mallesons Stephen Jaques (advising Morgan Stanley; … Continue reading →

2011 Report on M&A: Crisis? What crisis?

Final results are still coming in, but 2011 will surely go down as a strong year for M&A in Canada, despite a shaky global economy. Here’s Listed’s look at the top deals and dealmakers
 By Paul Brent
 December 29th, 2011

DESPITE SOVEREIGN DEBT and currency worries in Europe and about-even chances of a double-dip recession in the U.S., the market for mergers and acquisitions has been strong in Canada in 2011. Our status as an international M&A haven can be … Continue reading →

Deal of the year: Cash flow is colour-blind

After Barrick’s US$7.7-billion purchase of Equinox Minerals, 20% of the world’s largest gold miner’s revenue comes from copper. The CEO and chairman say that’s right where they should be
 By Robert Thompson
 December 28th, 2011

PETER MUNK’S YEARLY address to Barrick Gold Corp. shareholders at the company’s annual meeting always has the tone and atmosphere of a preacher speaking to his congregation. He leans on the podium, speaking slowly in unscripted passages, his glasses dipping … Continue reading →

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The Director's Chair

Robert L. Crandall: The board as wingman

In The Director’s Chair with David W. Anderson: Robert L. Crandall, chair of Celestica Inc. and former CEO and chair of AMR Corp. and American Airlines, shares some strong thoughts on CEOs and boards working closer together
 March 15th, 2012

Robert Crandall is best known globally for being the CEO and chair of AMR Corp. and American Airlines Inc. through much of the 1980s and ’90s. He played a central role in making American the leading innovator in the industry … Continue reading →

Charles Sirois: The ownership imperative

In The Director’s Chair, with David W. Anderson: Charles Sirois, veteran telecom CEO and CIBC chair, talks accountability, short-term thinking and what’s needed most to restore the fortunes of Western capitalism
 January 3rd, 2012

A fixture in the Canadian telecommunications industry, Charles Sirois has led a leading global carrier, two of Canada’s top wireless companies and financed many more through his private capital fund. Sirois is also a long-time director, chair on multiple boards … Continue reading →

Carol Stephenson: Risk, reward, repeat

In The Director's Chair, with David W. Anderson: In an era when women presidents, CEOs, chairs, corporate directors and business deans are still the exception, Carol Stephenson has excelled in all five roles
 October 7th, 2011

It’s fitting that Carol Stephenson is dean of the Richard Ivey School of Business, for her multifaceted career is a case study in the value of lifelong learning, peer interaction and the power of strong leadership. In addition to her … Continue reading →

Purdy Crawford: Fifty years of fresh air

In The Director's Chair with David W. Anderson: The unifying theme of Purdy Crawford's career has been a dedication to progress, renewal and moving the ball forward
 June 25th, 2011

Few have made a greater mark on Canada’s regulatory and business landscape than Purdy Crawford. From early in his career when he helped draft Ontario’s securities laws, to his recent role in unlocking the asset-backed commercial paper (ABCP) imbroglio, Crawford … Continue reading →

William Dimma: 100 boards! (and counting)

In The Director's Chair with David W. Anderson: If the Guinness Book of World Records included a category for most directorships, we'd nominate William Dimma. The common thread? His faith in free enterprise
 March 25th, 2011

It’s hard to imagine anyone with more to teach you than William Dimma. Chair, director, president, he’s done it all, exceptionally well, dozens of times over. In this instalment of The Director’s Chair, governance expert and Listed contributing editor David … Continue reading →

Steve Snyder: Behind every successful board…

In The Director's Chair with David W. Anderson: According to Steve Snyder, it's where you'll find a hard-working, bridge-building CEO who does all he or she can to keep their co-directors engaged and informed
 December 25th, 2010

Veteran energy executive and corporate director Steve Snyder has been president and CEO of TransAlta Corp., Canada’s largest investor-owned wholesale electricity generator and power marketer, since 1996. In this instalment of The Director’s Chair, a dialogue feature led by governance expert … Continue reading →

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Handbook

Emerging market issuer survival guide

While the Sino-Forest saga unfolds, regulators and law enforcement are paying close attention to all emerging market issuers. What’s a director to do?
 By Jim Middlemiss
 March 16th, 2012

IT WASN’T EXACTLY a quiet winter for scandal-plagued Sino-Forest Corp. Yet spring promises to get noisier still. On tap: year-end results, updates on ongoing fraud-allegation investigations and class-action suits, and a potential lifting in April of the trading halt imposed … Continue reading →

My portal or yours?

Board portals: once a sleepy software product, now a disruptive technology. Courtesy of the iPad
 By Joel Kranc
 January 6th, 2012

STEVE JOBS’ VISION and understanding of what people wanted—sometimes before they even knew it—runs the spectrum from everyday iPod user to the most senior directors at the boardroom table. Case in point: the iPad. The iPad is single-handedly changing the … Continue reading →

Did someone say ‘perp walk?’

New crime bill could up convictions, increase jail time and delay pardons for Canadian executives
 By Rachel Graham
 January 6th, 2012

The Safe Streets and Communities Act (Bill C-10), passed in the House of Commons in December, could have harsh implications for violators of The Competition Act. Richard Wagner, an Ottawa-based partner at Norton Rose, warns that Wall Street “perp walks” may be … Continue reading →

Follow these leaders: 2011 Corporate Reporting Awards

Start a master course in Canadian reporting with the CICA's 2011 Corporate Reporting Award winners
 January 3rd, 2012

We gave a nod to Suncor Energy Inc. in the adjoining column as a leading example among Canadian issuers in sustainable development reporting. So it won’t be a total surprise to learn that Suncor has won the award of excellence … Continue reading →

The future is integrated

The real story in corporate reporting is what it says about the way companies operate, and how shifting demands and expectations—from shareholders, regulators and other stakeholders—are driving business to embrace the big picture
 By Cooper Langford
 January 3rd, 2012

SIXTY YEARS AGO, when the Canadian Institute of Chartered Accountants began its annual program honouring best practices in corporate reporting, public companies could be certain of at least one thing: the audience for their statements consisted almost exclusively of well-heeled … Continue reading →

The long hello

A CEO search that drags on for many months is rarely a good sign or situation. Yet sometimes the waiting is worth it
 By Paul Brent
 October 7th, 2011

What’s a sure sign that your CEO search has gone off the rails? Try a mention in the business press that your lengthy chief executive quest is starting to make investors nervous. That’s just the scenario that Shoppers Drug Mart … Continue reading →

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Economy

Two steps forward

From jobs to GDP growth, the long-awaited U.S. economic rebound is underway. But don’t mistake these nascent positive trends for anything close to full recovery. That will be years in the making
 By Ian McGugan
 March 16th, 2012

CANADIAN BUSINESSES have been disappointed for so long in the U.S. economy that it’s only natural to look with a splenetic eye at the most recent data streaming over the border. Jobs growth has jumped beyond modest expectations, the stock market … Continue reading →

We’ll always have China…right?

Despite the recent obsession with Europe’s financial crises and continued sluggishness in the U.S., there’s at least one more big worry out there—China. If its slowdown turns serious, the damage here will be extensive
 By Ian McGugan
 December 20th, 2011

China’s fastest growing exports are anxiety and skepticism. After years of seeing its collective wealth race ahead at a breakneck clip, the world’s most populous economy is hitting some speed bumps—and raising concerns about how severe its slowdown will be. … Continue reading →

Don’t look down

When is the economy like an airplane? When it’s flying at stall speed. That’s Canada and the U.S. now. When planes stall, they can crash. If our economies follow suit, how should companies react?
 By Ian McGugan
 October 7th, 2011

When it comes to economics, few things are more treacherous than a bad metaphor. Take, for instance, the notion that prevailed well into the summer— and prevails still in some quarters—that business these days is just in a bit of … Continue reading →

The prices are all right

There may be lots of things to worry about when it comes to the economic outlook—but inflation isn’t one of them
 By Ian McGugan
 June 25th, 2011

Statistics Canada shook things up when it reported that consumer prices surged 3.3% in the 12-month period ending March 31. It was the largest year-over-year increase in inflation since September 2008. Meanwhile, oil prices have soared, food costs are up … Continue reading →

Second-quarter smackdown

Will it be full recovery or relapse? The next three months could tell the story, with the release of some key economic data and updates on critical indicators to show the way
 By Ian McGugan
 March 25th, 2011

So the patient is off life support and taking regular exercise. At times he can look nearly frisky. But you have to wonder about the repeated transfusions he’s receiving, not to mention the special diet. Is it possible that he’s … Continue reading →

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Insider

Banking on better boards

Canada’s superintendent of financial institutions is bringing down new corporate governance guidelines for Canadian banks. Her aim: boards that are better at holding management to account
 By Robert Thompson
 March 16th, 2012

Insider: Julie Dickson Who: Superintendent, Office of the Superintendent of Financial Institutions Involvement: Three years ago, The New York Times said Julie Dickson had moved from bureaucratic obscurity to become a minor celebrity for her role in keeping Canada’s banking system … Continue reading →

Good, better, best

Canadian boards can expect a familiar message when they take their first calls from Stephen Erlichman, new executive director of the Canadian Coalition for Good Governance
 By Robert Thompson
 December 15th, 2011

Insider: Stephen Erlichman Who: Since September, executive director of the Canadian Coalition for Good Governance Involvement: The CCGG, which is led by and represents Canadian institutional shareholders, has emerged as the country’s most influential shareholder rights organization. It actively campaigns for … Continue reading →

Running hot

Despite gold’s soaring price tag, mining the stuff these days is not without challenges. Costs keep rising, as do shareholders’ expectations
 By Joel Kranc
 September 15th, 2011

Insider: Steve Letwin Who: President and CEO, Iamgold Corp. Involvement: Gold mining is an exclusive club. Some 10 to 15 companies dominate the world market and about a half-dozen are Canadian. That means every CEO in the business holds a … Continue reading →

Mission: Critical

Research In Motion needs a hit with its new PlayBook tablet. Kunal Gupta’s Polar Mobile may hold the key
 By Susan Mohammad
 June 15th, 2011

Insider: Kunal Gupta Who: Cofounder and CEO of Polar Mobile, maker of a media-focused applications-advertising-analytics platform for smartphones. Involvement: The 40-person Toronto-based company will be vital to the success of Research In Motion’s (TSX:RIM) PlayBook tablet. Not only does Polar’s … Continue reading →

Texas-backed two-step

Bruce Walter looked outgunned in the bidding for Baffinland Iron Mines. But then he brought up partnership
 By Robert Thompson
 March 25th, 2011

Insider: Bruce Walter Who: Chairman, Nunavut Iron Ore Acquisition Inc. Involvement: Bruce Walter is one of Canada’s great dealmakers. He’s worked as a lawyer on mergers and acquisitions, headed up senior banking groups at BMO, and worked with Ian Delaney … Continue reading →

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