Monthly Archives: December 2011

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

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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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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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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

Posted in Economy, Top Stories | Tagged , , , , , ,

Who’s doing your review?

There's no board governance review like an external review done by a qualified assessor—provided they take the right steps
By Richard Leblanc
December 19th, 2011

A few memories stand out from my engagements as an external board reviewer. One was the dominant CEO who kept interrupting me to tell me how effective he and “his” board were, despite the results of my assessment (the board … Continue reading

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Fight! For IR, it’s the ultimate test

Investor relations is never more important than in a hostile takeover bid or proxy contest. Having just lived through the experience, our columnist weighs in on the value of preparation and quick action
By Michael Salter
December 19th, 2011

The telephone call came from a New York City hedge fund manager, minutes after market close on a Wednesday in mid-August, 2011. He wanted to know our response to the hostile takeover bid for MOSAID Technologies Inc. that Wi-LAN Inc. … Continue reading

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Shades of grey in green

“Ethical oil” is just a slogan. But it’s hard to argue that we shouldn’t consider the widest possible range of environmental and social issues when making policy decisions
By Sandra Odendahl
December 19th, 2011

The countdown is on as I write. Unless things change, the European Union is set to vote in December on a directive that would discourage the use of oil from Canadian oilsands by classifying it as one of the highest … Continue reading

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The risk behind the reward

The CSA has amended its executive compensation disclosure guidelines. Issuers must now disclose details about compensation risk and compensation committee expertise; they might also want to rethink their disclosure overall
By Ken Hugessen
December 19th, 2011

Again this year, the Canadian Securities Administrators has issued amendments to executive compensation disclosure guidelines with compliance required for the 2012 proxy season. Following a more comprehensive set of changes in 2008, these latest amendments are more limited, with a … Continue reading

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Mining: A regular money magnet

In a lot of sectors these days, financing isn’t so easy to come by. But not mining. There, thanks to strategic investors and bullish pricing forecasts, the deals continue to flow
By Robert Olsen
December 19th, 2011

What could be worse for a cyclical sector such as mining than the headlines of the past few months? Sovereign debt crisis spreading to the U.S., negative earnings reports, continued global central bank cuts, depressed consumer confidence, China’s slowing demand … Continue reading

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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
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

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