Category Archives: Ticker

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Federal securities regulator in view

Draft legislation paves way for 2015 implementation, while Ottawa works to get more provinces onside
October 30th, 2014

By next fall, if the federal government continues on its present course, the proposed Cooperative Capital Markets regulatory system will be up and running—taking the country partway to meeting the Conservative government’s eight-year-old effort to create a single national securities … Continue reading

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A wedge of allegiance

Pierre Karl Péladeau’s decision to retain active control of his Quebecor shares while sitting as a PQ member in the provincial legislature raises interesting questions about governance and conflict
By Mark Anderson
August 23rd, 2014

For the board of Montreal-based telecommunications and media giant Quebecor Inc. (TSX:QBR.B), the months since March must have seemed vaguely surreal. First, majority owner Pierre Karl Péladeau resigned his chairmanship of the company his father founded in order to run … Continue reading

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Proxy voting: no quick fix

The CSA gets full marks for making its review of the shareholder proxy voting system a priority. But can it get the participants on the same page?
By Jim Middlemiss
April 21st, 2014

The Canadian Securities Administrators’ consultation paper on the messy proxy voting arena (Consultation Paper 54-401: Review of the Proxy Voting Infrastructure), which last summer kicked off an extended review of the proxy system, is revealing a deep divide among the … Continue reading

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Stoking the IPO fire

While Canadian IPOs have been scarce, some experts hope the U.S. hot streak will get our market cooking
By Ken Mark
April 21st, 2014

Might the deafening silence from Canada’s IPO market soon be coming to an end? During Q1 2014, the TSX did not register a single successful IPO listing. That also marked the fifth consecutive quarter in which the extractive industries sector, … Continue reading

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Less boom, but no bust

Recent setbacks, especially the departure of American giant Cliffs Natural Resources, have deflated much of the original hype around Ontario’s Ring of Fire and Quebec’s Plan Nord. In the long run, that might not be a bad thing
By Susan Mohammad
February 26th, 2014

If the stories of the mining industry in Quebec and Ontario as of late were books, the same author could easily have written them both. Only a few years ago, each province’s mining sector was full of fresh promise. Initial … Continue reading

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Comply or explain: enough of a push?

The Ontario Securities Commission seems poised to recommend that the province adopt a new “comply or explain” regime for public issuers in a bid to move companies to boost gender diversity on boards and in management. Despite iffy results elsewhere, it’s got widespread support
By Mark Anderson
December 15th, 2013

Whatever is or isn’t on the table from the Ontario Securities Commission by the time you read this, any director, senior executive, corporate secretary, or governance or proxy adviser worth his or her salary will have already started thinking about … Continue reading

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Defined benefit plans’ rebound now a test of discipline

By Bruce Freedman/Street Smarts
December 15th, 2013

Living in a zero-rate world has made many a homebuyer happy, but for those companies that still have material defined benefit pension liabilities, the last five years have been rather gray-hair inducing indeed. The discount rate is the single most … Continue reading

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Old rival, new high ground

Don’t tell Jos Schmitt it’s trendy to blame high-frequency traders for corrupting the stock market. The former CEO of Alpha, the alternative exchange whose owners bought TMX Group in 2012, is launching a new exchange where predatory, high-frequency trading will be banned. In Schmitt’s view, the problem is so bad that issuers and investors will want to switch
By Jim Middlemiss
September 16th, 2013

Fairness. It’s a classic underdog sales pitch. But will it work when the “underdogs” are a group of high profile, deep-pocketed financial institutions, headed by a familiar CEO, planning to launch their own stock exchange in Toronto? That’s the gamble—and … Continue reading

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A double dose of transparency

Paired with its new anti-corruption rules, Ottawa’s call for explicit disclosure of all payments made by Canadian companies to foreign governments and officials brings a new standard of offshore accountability to the boardroom
By Rob Colapinto
September 16th, 2013

The world’s most active player in global natural resource extraction will soon be facing new federal legislation mandating beefed-up disclosure of payments made to foreign governments. Canada has long been viewed as a transnational laggard when it comes to its … Continue reading

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Year of the buyback

Surplus cash, cheap debt and antsy shareholders looking for a return have companies hot on their own stock
By Mark Anderson
June 18th, 2013

Even if your company hasn’t done one—yet—you have to know share buybacks are all the rage. Over the last year Royal Bank, Bank of Montreal and CIBC all announced that they would be implementing share buyback programs and, in May, … Continue reading

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Barrick vote symbolic—and then some

The impact of its shareholders’ massive say-on-pay vote rejection of new co-chair John Thornton’s huge bonus deal doesn’t end with Barrick Gold. Boards across Canada will be feeling it, too
By Jim Middlemiss
June 18th, 2013

Every AGM and proxy season has its seminal, defining moment—the shot across the bow that sends a message not to just one board, one set of directors, one company, but to every board and every director in the land. This … Continue reading

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Valuation: A common sense approach to P/E

By Bruce Freedman/Street Smarts
June 18th, 2013

We’ve just seen Apple shares lose nearly half their value between last fall and late spring. Funnily enough, while there is still plenty of bullishness on the stock, it is no longer career suicide for a fund manager to take … Continue reading

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The long arm of the lawsuit

Canadian companies with foreign subsidiaries are traditionally immune from liability for those subsidiaries’ actions abroad. Klippensteins, a Toronto public interest law firm, is trying to change that—with HudBay Minerals first in its sights
By Jim Middlemiss
April 13th, 2013

Watch out corporate Canada, Klippensteins is gunning for you. The five-person public interest law firm has made its name defending human rights, particularly among indigenous peoples. Its high-profile cases include representing the family of slain native activist Dudley George, who … Continue reading

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Disclosure 101: care and feeding of analysts

By Bruce Freedman/Street Smarts
April 13th, 2013

I’ve always been confused by insider trading rules pertaining to the disclosure of non- public information. Not that I was confused by the intent when I was an analyst; that made perfect sense to me. Rather, I was concerned about … Continue reading

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Still quiet on the IPO front

A pop in late-2012 momentum helped stoke market confidence for 2013. But action has yet to materialize
By Joel Kranc
April 12th, 2013

Market volatility, overseas debt crises and instability in North American markets have, in part, had negative effects on the Canadian initial public offering market over the past three years. In 2010, 73 IPOs were issued on all exchanges raising $5.5 … Continue reading

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