Category Archives: Top Stories

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Know your limits?

Effective board-level risk oversight requires the development of a risk hierarchy. That starts with directors understanding the difference between their organization’s risk capacity, risk tolerance and risk appetite
By John Caldwell
December 18th, 2012

Risk-taking is central to any business. In fact, leveraging reward with risk is fundamental to creating long-term shareholder value. In the past, while risk-related parameters underpinned virtually every material transaction, they often remained unarticulated at the board of director level. … Continue reading

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’Tis the season to be ready

The start of the 2013 proxy season puts fresh onus on compensation committees to respond aggressively to pay-for-performance linkages and other board-shareholder hot zones
By Ken Hugessen
December 18th, 2012

Over the years, compensation committees have had to contend with and adapt to an ever-expanding shareholder agenda. While the coming year is unlikely to bring major directional change with respect to this agenda, it will bring continued evolution. In addition to … Continue reading

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Rescue funds within reach

The bad news: there are a lot of distressed companies out there. The good news: more lenders and more lending options are emerging in Canada to save them
By Robert Olsen
December 18th, 2012

Advances in medicine have continually extended the average life expectancy of the population. Advances in lending, similarly, are providing new lifelines to companies that are distressed and struggling to survive. These lifelines are emerging even as current global market volatility … Continue reading

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Everyone into the pool

Call it the .P boom. Even as the conventional IPO market languishes, the TSX Venture Exchange’s capital pool program is bringing a steady stream of companies to market
By Robert Thompson
September 24th, 2012

Ron Schmeichel shouldn’t have been restless, but he was. Though only in his 20s, and busy with the demands of law school at the University of Western Ontario, Schmeichel was already pondering ways of involving himself in Canada’s public markets. When … Continue reading

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Vertically challenged

The TMX name remains and Thomas Kloet is still CEO, but now that Maple Group’s takeover is complete, Canada’s dominant exchange operator is set to embark on a new, yet decidedly uncertain course
By Jim Middlemiss
September 20th, 2012

Luc Bertrand, the leading voice in Maple Group Acquisition Corp.’s $3.8-billion takeover bid for the TMX Group Inc. (TSX:X), is finally getting his wish to pursue a “bold vision” and “build a new type of exchange for Canada.” That vision … Continue reading

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The changing face of risk management

That suit at the last executive meeting throwing around terms like “impact pathways?” Meet your company’s CRO. As Canadian issuers wake up to the harsh realities of today’s commercial and regulatory workspace, a new breed of senior risk executive is emerging to steer them straight
By Mark Anderson
September 20th, 2012

Risk management, once the redheaded stepchild of corporate governance, is coming in from the cold—and coming with it is a newly empowered executive class of chief risk officers (CROs), vice-presidents of risk and other assorted risk-related personnel. Who better to … Continue reading

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Fishing with dynamite

Whom do CEOs and boards work for? Today’s answer is a given: the shareholder. Their purpose: to maximize shareholder value. Right? Wrong. Here, a leading U.S. lawyer and professor argues that shareholder value thinking is a myth that fuels short-term thinking and hurts companies, communities and investors
By Lynn Stout
September 19th, 2012

The Deepwater Horizon was an oil drilling rig, a massive floating structure that cost more than a third of a billion dollars to build and measured the length of a football field from bottom to top. On the night of … Continue reading

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More ways to the market

New U.S. legislation could make it easier for smaller Canadian firms to get an American listing. But it’s one particular rule, letting start-ups sell shares via crowdfunding, that has our tech industry buzzing
By Mark Anderson
June 18th, 2012

Beginning next year, when the so-called U.S. JOBS Act is implemented, American start-ups are going to find it a lot easier to launch initial public offerings and raise money through private placements. But will Canadian companies get in on the … Continue reading

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Hire your elders

As Canada’s population ages, we’re counting on more retired seniors buying more stuff to keep our economy moving. A better strategy: enable those seniors to work longer instead
By Ian McGugan
June 18th, 2012

When Tom Coughlin coached the New York Giants to a victory in the Super Bowl this past February, he also scored a victory for a much bigger team: the greying army of North American baby boomers that have hit or … Continue reading

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What is this thing called liquidity?

Among issuers and in financial circles generally, few concepts are more cherished, more misunderstood or carry more urgency than liquidity. Should you seek it? Where is it? Does it exist? We went looking for answers—and found plenty
By Peter Shawn Taylor
June 18th, 2012

Love might make the world go ’round, if you happen to be a songwriter or a poet. But when it comes to the market, it’s all about liquidity. Just ask Max Lof, chief financial officer of Surge Energy Inc., a … Continue reading

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Reimagining insurance

No new CEO in insurance these days can preach “steady as she goes.” But at Sun Life, Dean Connor’s early moves and talk of bigger change could be a litmus test for the industry
By Robert Thompson
June 18th, 2012

Dean Connor leans forward in his chair at the boardroom table at Sun Life Financial Inc.’s downtown Toronto offices, and starts talking about history. Connor, who took on the role of Sun Life’s chief executive in December, may only be starting … Continue reading

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Your next CFO

Too often, companies only miss good chief financial officers when they’re gone. But if you’re hiring, be prepared to make the most of it: the job’s changing, and so are the personnel
By Paul Brent
June 17th, 2012

They might be the second-most important executives at many companies, but the role, demands and make-up of the chief financial officer vary immensely, as do the times—and the reasons—companies find themselves looking to hire a new one. For small- and … Continue reading

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Through a glass, murkily

After waiting nearly two years for the federal government to clarify the criteria used to rule on foreign takeovers, one senior member of the M&A community says the latest changes fall short
June 17th, 2012

Insider Subrata Bhattacharjee Who Partner, co-chair, national trade and competition group, Heenan Blaikie Involvement Eighteen months after the Conservative government killed BHP Billiton’s attempted takeover of Saskatchewan Potash Corp., it’s just unveiled long- promised amendments to the Investment Canada Act to … Continue reading

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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

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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

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