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Ken Hugessen

Executive Compensation
Richard Leblanc

Law and Governance
Robert Olsen

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The Director's Chair David W. Anderson

Sandra Odendahl

Environmental Affairs
Chaya Cooperberg

Investor Relations
John Caldwell

Risk
The Boardroom Beverly Behan


Top Stories

The executive’s guide to working with boards

Would-be CEOs and other senior managers can make or break their careers in presentations to boards. So take the time to learn what directors need to hear—and how they need to hear it
By Beverly Behan
August 25th, 2014

Being invited to present to the board of directors—or to work with the board on an ongoing basis—is often viewed as a hallmark of an executive career. It also has significant implications for anyone with their eye on the corner … Continue reading

How to build a pharma giant [and win friends and incite critics]

Valeant Pharmaceuticals has been the biggest story on Canadian markets the past two years. But with a $50-billion takeover in the balance, CEO Michael Pearson’s controversial high-debt, low-R&D model faces its stiffest test yet
By Robert Thompson
August 24th, 2014

Michael Pearson is a divisive figure. To some, he’s shaking up an industry—big pharma—that needed to be rocked to its core, that had become bloated and fat, reliant on spending billions on research and development that often failed to fulfill … Continue reading

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

The bubble in the room

Carbon-bubble theory says the value of hydrocarbons may be poised for a fall, taking energy company valuations with them. Nonsense? Doesn’t matter. Shareholders are asking questions—and looking for answers
By Robert Thompson
June 5th, 2014

Regardless of what industry you’re talking about, ExxonMobil is a towering giant. It is the world’s largest publicly traded oil-and-gas company (in addition to being the world’s third-largest public business) and it will play a central role going forward in … Continue reading

Trust never sleeps

Canadian pipeline companies are fighting an uphill battle in efforts to obtain approval of their latest projects. They're learning it's more about managing relations than moving bitumen
By Mark Anderson
June 5th, 2014

It’s been a tough seven months for Canada’s pipeline companies on the stakeholder management front. In April, the Obama administration announced it was delaying a decision to approve TransCanada Corp.’s (TMX:TRP) $5.4-billion Keystone XL pipeline, designed to transport Alberta crude … Continue reading

Hostile makeover

Until recently, boards and shareholder activists knew only conflict. Now you see them working together. What happened?
By Robert Thompson
April 21st, 2014

It was as the executive director of the Canadian Coalition for Good Governance, an organization supported by Canadian pension funds, that Stephen Griggs started paying attention to the influx of shareholders seeking change. These days these shareholders are tagged as … Continue reading

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Ticker

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

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

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

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

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

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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Views

Beyond the carbon bubble

Responsible investors and activists sounding the “unburnable carbon” alarm might do better to focus on energy companies’ responses to the risk of slowing demand for fossil fuels
By Sandra Odendahl
June 5th, 2014

If you don’t already know what a stranded carbon asset is, you soon will. Stranded carbon assets, “unburnable carbon” and the “carbon bubble” are part of an emerging framework for looking at energy, climate change and investment. First outlined in … Continue reading

LNG market ours to grab—for now

A big, critical, long-term economic opportunity awaits Canadian gas producers in offshore exports of liquefied natural gas. But we’ll miss the window without some immediate action and political will
By Robert Olsen
June 5th, 2014

Water everywhere and in great abundance, but not a drop to drink. It’s a haunting image—being stranded in an ocean, throat burning with thirst, and unable to harness the limitless supply of water an arm’s reach away. And it’s a … Continue reading

Where governance is going

A small suite of new rules, relationships and areas of oversight are driving most of the upheaval and change in corporate governance today. Here’s what to expect next
By Richard Leblanc
April 21st, 2014

It’s easy to get caught up in the dramatic details of board and company situations when issues and conflicts come to a boil. But the best way to learn from these events is to explore the underlying governance trends that … Continue reading

Make room, and make ready

Directors need to acknowledge the increasingly active role of shareholders and their advisers in executive compensation decision making—and then engage shareholders directly to hold sway over the agenda
By Ken Hugessen
April 21st, 2014

Today, it would be hard for a director of a mid-size or large public issuer to miss the increasing involvement of shareholders and proxy advisers (e.g. ISS and Glass Lewis) when dealing with executive and director pay and related performance … Continue reading

Taking the measure of your IR team

Though it’s tempting to do so, boards and management shouldn’t look at company share price to evaluate the performance of their IR department. There are many more accurate indicators to choose
By Chaya Cooperberg
April 21st, 2014

In many companies, the fiscal year typically kicks off with exercises in goal setting, as employees commit to objectives in hope of recognition and reward come review time. For investor relations professionals, working within the dynamic and often volatile environment … Continue reading

Traffic gridlock and the bottom line

Location selection, expansion decisions, costs to business—it all goes under the microscope when regional transportation falters. In Ontario, and across the country, 2014 could be a make-or-break year on the issue
By Robert Olsen
April 21st, 2014

Over the past 12 years, the Greater Toronto and Hamilton Area population has increased by 1.2 million to about 6.5 million people and over the next 20 years it will again increase to about 8.4 million. Yet even as the … Continue reading

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Features

How to build a pharma giant [and win friends and incite critics]

Valeant Pharmaceuticals has been the biggest story on Canadian markets the past two years. But with a $50-billion takeover in the balance, CEO Michael Pearson’s controversial high-debt, low-R&D model faces its stiffest test yet
By Robert Thompson
August 24th, 2014

Michael Pearson is a divisive figure. To some, he’s shaking up an industry—big pharma—that needed to be rocked to its core, that had become bloated and fat, reliant on spending billions on research and development that often failed to fulfill … Continue reading

The bubble in the room

Carbon-bubble theory says the value of hydrocarbons may be poised for a fall, taking energy company valuations with them. Nonsense? Doesn’t matter. Shareholders are asking questions—and looking for answers
By Robert Thompson
June 5th, 2014

Regardless of what industry you’re talking about, ExxonMobil is a towering giant. It is the world’s largest publicly traded oil-and-gas company (in addition to being the world’s third-largest public business) and it will play a central role going forward in … Continue reading

Trust never sleeps

Canadian pipeline companies are fighting an uphill battle in efforts to obtain approval of their latest projects. They're learning it's more about managing relations than moving bitumen
By Mark Anderson
June 5th, 2014

It’s been a tough seven months for Canada’s pipeline companies on the stakeholder management front. In April, the Obama administration announced it was delaying a decision to approve TransCanada Corp.’s (TMX:TRP) $5.4-billion Keystone XL pipeline, designed to transport Alberta crude … Continue reading

Hostile makeover

Until recently, boards and shareholder activists knew only conflict. Now you see them working together. What happened?
By Robert Thompson
April 21st, 2014

It was as the executive director of the Canadian Coalition for Good Governance, an organization supported by Canadian pension funds, that Stephen Griggs started paying attention to the influx of shareholders seeking change. These days these shareholders are tagged as … Continue reading

Barrick turns the page

Peter Munk, iconic founder and long-time chairman of Barrick Gold, will step down this spring. His departure, after prolonged shareholder upheaval, plunging gold prices and massive write-downs, heralds a sweeping governance overhaul. It might fix the board—but what of the bottom line?
By Robert Thompson
February 26th, 2014

Maybe his Indianapolis office kept him oblivious to the profile of Barrick Gold Corp. (TSX:ABX) and its flamboyant 86-year old founder and chairman, Peter Munk, but hedge fund manager Mike Morris wasn’t looking to gain publicity for his boutique investment … Continue reading

Waiting for the light

By almost every financial measure, the mining sector started 2014 in a dark place. Great assets, strong planning and good timing have sheltered some companies. The rest—the majority—are getting by on guts, cuts and creativity
By Jim Middlemiss
February 26th, 2014

Daycon Minerals Corp. president David Poynton is hoping that 2014 is the year that his mining company strikes gold with investors. “I’m betting that this year Daycon will go public,” says Poynton, who is also a director at Marathon Gold … Continue reading

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The Director's Chair

Robert Monks: It’s broke, let’s fix it

In The Director’s Chair with David W. Anderson: Shareholder activist and avowed capitalist Robert Monks doesn’t have it in for senior corporate managers—just the system that gives them all the power and too much pay
June 20th, 2013

If you read Robert Monks’ bio—founder of Institutional Shareholder Services (ISS), author of eight books, and a chair and director many times over—your first inclination is to say that’s résumé enough for two. Yet the substance of his work—shareholder and … Continue reading

Dominic Barton: On fast bucks and real value

In The Director’s Chair with David W. Anderson: Dominic Barton, global managing director of McKinsey & Co., sounds the alarm for Western business leaders, markets and investors: lose the short-term bias or lose the race
April 15th, 2013

Dominic Barton grew up on Canada’s west coast and, a couple of decades later, made his way to the top job at global consulting giant McKinsey & Co. via postings in Seoul and then Shanghai. So it’s no surprise to … Continue reading

Hugh Bolton: The bottom line on oversight

In The Director’s Chair with David W. Anderson: Hugh Bolton, former top accountant, now top chair and director, says directors on resource sector boards must dig for answers to really know the business they’re in
February 25th, 2013

Hugh Bolton had a sterling career as a chartered accountant, culminating in his role as head of Coopers & Lybrand Canada in the 1990s. The insights gained in that arena have also served him exceedingly well in his second career … Continue reading

Jalynn Bennett: Master class

In The Director’s Chair with David W. Anderson: Jalynn Bennett, veteran executive, chair and director, has an array of insights and advice for boards grappling with risk, driving growth or boosting their effectiveness
December 18th, 2012

There’s deep, and then there’s Jalynn Bennett deep. A senior executive, director and chair multiple times over; a veteran of private boards, public boards, crowns, nonprofits, panels and committees; and a champion for women in business and boardroom diversity, Bennett … Continue reading

Peter Dey: Let directors direct

In The Director’s Chair with David W. Anderson: Peter Dey, Canada’s preeminent governance guru, discusses the primacy of board accountability and its continuing role in driving good governance, board improvement and productive owner-board relations
September 20th, 2012

No single Canadian can take more credit for being a catalyst of improved corporate governance and board reform than Peter Dey. Today, Dey is chair of Toronto-based investment dealer Paradigm Capital and an active adviser on governance to global bodies … Continue reading

Annette Verschuren: The compleat director

In The Director’s Chair with David W. Anderson: Annette Verschuren, former president of Home Depot Canada and Asia, says today’s best directors are equally successful in the boardroom and in the community
June 17th, 2012

Annette Verschuren is a highly regarded CEO, chair and director who served as president of Home Depot Canada and Asia for 15 years through 2011. Her primary role today is chair and CEO of NRStor Inc., an energy storage company. … Continue reading

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Handbook

The executive’s guide to working with boards

Would-be CEOs and other senior managers can make or break their careers in presentations to boards. So take the time to learn what directors need to hear—and how they need to hear it
By Beverly Behan
August 25th, 2014

Being invited to present to the board of directors—or to work with the board on an ongoing basis—is often viewed as a hallmark of an executive career. It also has significant implications for anyone with their eye on the corner … Continue reading

IP: Monetization is the message

We no longer have Steve Jobs to wow us. In his place, Elon Musk is laying down the epoch’s big ideas. His latest—“giving away” Tesla’s patents—should make companies think twice about intellectual property assets
By Mark Anderson
August 24th, 2014

Ever since Tesla founder Elon Musk announced in June that the electric carmaker would allow its patented technology to be freely used by third parties acting “in good faith,” industry observers have been attempting to make sense of the move. … Continue reading

Divided we stand

Western Canada’s place as the country’s economic engine isn’t changing anytime soon. That puts the onus on policy makers to take a new look at their priorities—for all Canadians’ sake
By Ian McGugan
August 24th, 2014

Nearly 70 years ago, a novel by Hugh MacLennan captured the struggle that then weighed on many Canadian minds. Two Solitudes told the story of a young writer torn between French and English cultures. If that quintessentially Canadian novel were … Continue reading

How to build a renewable energy company

Wind, solar, hydro and geothermal may be rising energy plays, but building a company around them isn’t easy. John Carson, CEO of Alterra Power Corp., offers up his lessons learned on the frontlines of green energy
By Brenda Bouw
June 5th, 2014

The renewable energy sector has taken its fair share of blows in recent years. It was hit especially hard in the crisis of 2008, as financing fell off in the bank credit squeeze and investors moved to lower risk, less … Continue reading

CEO succession planning in the energy sector

No job is more important for a board than appointing the right chief executive officer. And nothing better serves this task than a great CEO succession plan
By Beverly Behan
June 5th, 2014

Over the past three years, I had the privilege of working with the chairman of a Fortune 500 company in the energy sector in developing one of the most progressive and rigorous CEO succession plans ever undertaken in the United … Continue reading

Making a speech? Be real

Speeches and presentations that gain buy in and move people can make a good CEO great. But don’t try to be Steve Jobs, says our expert—be you
By Mark Anderson
April 21st, 2014

When the late, great Steve Jobs first began unveiling his paradigm-shifting electronic wonders—iTunes, iPhone, iPad—in a series of glitzy product launches, the world was captivated as much by the laid-back style and effortless cool of the turtleneck-wearing tech visionary, as … Continue reading

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Economy

Divided we stand

Western Canada’s place as the country’s economic engine isn’t changing anytime soon. That puts the onus on policy makers to take a new look at their priorities—for all Canadians’ sake
By Ian McGugan
August 24th, 2014

Nearly 70 years ago, a novel by Hugh MacLennan captured the struggle that then weighed on many Canadian minds. Two Solitudes told the story of a young writer torn between French and English cultures. If that quintessentially Canadian novel were … Continue reading

Bitcoin, or something like it

Despite bitcoin’s recent floundering, it’s hard to envision a future that doesn’t include a digital currency. But that won’t happen until those currencies’ backers address the hurdles that matter
By Ian McGugan
April 21st, 2014

Bitcoin’s biggest fans were too smug, too self-righteous, for their own good. For five years, they lectured the rest of us about the superiority of digital currencies and bitcoin’s blessed freedom from the stifling hand of government regulation. So they … Continue reading

Trading one super-cycle for another

Good times follow bad, often sooner than people expect. So, unlikely as it might sound in mining, signs of a pending breakout are mostly there. Don’t expect China 2.0, but the deal making could get furious
By Ian McGugan
February 26th, 2014

Cheer up, folks. Sure, Canadians enjoyed the good times more than most nations and, as a result, felt the crash of the super-cycle with particular intensity. But the recovery has been far quicker than many people expected. I’m referring, of … Continue reading

The price of admission

Despite the ebb and flow of GDP, Canada admits roughly the same number of immigrants each year. Would the country and new arrivals alike be better served if we tied admission rates to the state of the economy?
By Ian McGugan
December 16th, 2013

This year, as it does every year, Canada will import enough people to fill a mid-sized city. And this year, as it does every year, the federal government will assure us that the annual flood of immigrants helps build a … Continue reading

Wanted: new brooms with new ideas

The next generation of central bankers are arriving on the scene just as their predecessors’ policies seem to have run their course. How much will they have to change to reignite economic recovery?
By Ian McGugan
September 16th, 2013

Mark Carney is gone and Ben Bernanke is going, but the Great Recession is still an unwelcome guest in many living rooms. So long as it lingers, the next generation of North American central bankers will have to ask some … Continue reading

Is this all there is?

Some economists are calling low GDP growth the “new normal.” Before dismissing them, optimists should look carefully at what the numbers say about where we’ve been and where we’re going
By Ian McGugan
June 19th, 2013

We used to know what an economic recovery looked like. First would come a recession—usually short and sharp. Then a vigorous rebound would inevitably follow. GDP growth could be counted on to rocket past 5% a year as businesses and … Continue reading

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Insider

Reporting gets strategic

Insider: Paul Druckman
April 21st, 2014

Who Paul Druckman, chief executive officer of the International Integrated Reporting Council (IIRC). The IIRC hit a major milestone in December with its release of the international integrated reporting framework, a roadmap for companies that want to begin integrated reporting. … Continue reading

Tough times? It’s IR as usual

Insider: David Garofalo
February 26th, 2014

Who David Garofalo, president and CEO HudBay Minerals Inc. (TSX:HBM), one of Canada’s few mid-tier mining companies, producing gold, copper, zinc and silver, with projects in development in North and South America. Involvement Garofalo, who was appointed CEO at HudBay … Continue reading

Scenes at a standoff

Insider: Robin Goad
December 16th, 2013

Who Robin Goad, president, CEO and founder of Fortune Minerals Ltd. (TSX:FT), a diversified miner headquartered in London, Ont., with several properties in Canada. Of those, the closest to launch is its NICO metals mine in Northwest Territories, where construction … Continue reading

United they stand-ardize

Insider: Kevin Dancey
September 16th, 2013

Who Kevin Dancey, president and CEO of Chartered Professional Accountants of Canada, the new (January 2013) umbrella certification program under which Canada’s three former accounting designations—chartered accountants (CAs), certified management accountants (CMAs) and certified general accountants (CGAs)—are now being united. … Continue reading

New kid on the board

Insider: Gerald Grandey
June 18th, 2013

Who Gerald Grandey, director at Canadian Oil Sands Ltd., Potash Corp. of Saskatchewan Inc. and Sandspring Resources Ltd.; former president and CEO of Cameco Corp. of Saskatoon (2003-2011) Involvement Two years ago this July, Gerald Grandey made the transition from … Continue reading

Governance attachée

Insider: Judy Cotte
April 15th, 2013

Who Vice-president policy and governance, RBC Global Asset Management; country correspondent to the International Corporate Governance Network. Involvement Following a decade of shareholder activism in the 1980s, the U.S.-based Council of Institutional Investors in 1993 began canvassing European pension funds … Continue reading

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