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Ken Hugessen

Executive Compensation
Richard Leblanc

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Robert Olsen

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The Director's Chair David W. Anderson

Poonam Puri

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Chaya Cooperberg

Investor Relations
John Caldwell

Risk
The Boardroom Beverly Behan


Top Stories

Rulings of engagement

Contract interpretation? Privacy limits? Litigation protection? These are just some of the important legal zones affected by Canada’s recent high court rulings. Here is Listed’s annual look at the most consequential of those decisions and how Canadian listed companies might navigate the challenges they present
By Jim Middlemiss
August 4th, 2017

The Supreme Court of Canada has once again had a busy year with a number of rulings that impact the business world. Over the past 12 months, the court has ruled on everything from when companies can revise their deal … Continue reading

Rulings pt. 2: More orders from the court

Along with our featured top five rulings, here are five more that will also weigh on future boardroom decisions
August 4th, 2017

STEWART V. ELK VALLEY COAL CORP. COURT Supreme Court of Canada ISSUE Limits on enforcement of workplace fitness for duty policies When can employees who test positive for illegal drugs be dismissed without that dismissal constituting unlawful discrimination under human … Continue reading

Putting the force in enforcement

As Canada’s leading market watchdog, the Ontario Securities Commission has been long criticized for its weak record in prosecuting serious securities crime. Will a new head of enforcement, working with new tools, under a new chair, be able to change that?
By Cooper Langford
August 4th, 2017

  Barring negotiated settlements, most of Canada’s securities enforcement community will be consumed this fall with the prosecution of several related high-profile cases alleging insider trading of shares in the former Montreal-based Amaya Inc., now Toronto-based The Stars Group Inc. … Continue reading

Raising your IP IQ

Insider: Laura Quatela
August 3rd, 2017

Who Laura Quatela, chief legal officer of Lenovo Group Ltd. of China; director of Technicolor SA of France and co-founder of Quatela Lynch McCurdy, a Rochester, N.Y.-based IP asset and technology investment consultancy. Involvement In June, Quatela delivered the opening … Continue reading

Is it time for a hard look at “softer” pay targets?

With so much company value tied up in reputation, social licence, integrity and sustainability, there’s growing support for basing a greater share of executive pay on meeting “non-financial” metrics that reflect these goals
By Mai Nguyen
August 3rd, 2017

Back in April, you may have seen a video of an older, Asian man being forcibly dragged by police off an overbooked United Airlines flight. This viral clip not only sparked horror, outrage and vows to never ever fly with … Continue reading

Cloudy with a chance of greater gloom

As luncheon talks go, it was anything but light. But for speaker Dambisa Moyo, that was the point: when the global economy is fraught with risk and intractable uncertainty, the last thing anyone can afford is complacency
By Listed Staff
August 3rd, 2017

As a director on the boards of Barrick Gold Corp. (TSX:ABX), Barclays Bank, Chevron and Seagate Technologies, economist Dambisa Moyo knows firsthand the things that are currently weighing on the minds of company directors and CEOs. Foremost among them? Global … Continue reading

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Ticker

Setting the stage for a new NAFTA

Talks between Canada, the United States and Mexico to renegotiate the North American Free Trade Agreement begin in August. Donald Trump wants a big “win.” Can he actually get it? And what does it mean for Canada?
By Paul Brent
August 3rd, 2017

  More than two decades have passed since the North American Free Trade Agreement redrew the continent’s trade map. It is safe to say that the renegotiation of NAFTA demanded by U.S. President Donald Trump that begins this August will … Continue reading

Cloudy with a chance of greater gloom

As luncheon talks go, it was anything but light. But for speaker Dambisa Moyo, that was the point: when the global economy is fraught with risk and intractable uncertainty, the last thing anyone can afford is complacency
By Listed Staff
August 3rd, 2017

As a director on the boards of Barrick Gold Corp. (TSX:ABX), Barclays Bank, Chevron and Seagate Technologies, economist Dambisa Moyo knows firsthand the things that are currently weighing on the minds of company directors and CEOs. Foremost among them? Global … Continue reading

IPO activity getting real in 2017—but will it last?

Optimism builds after a healthy array of initial public offerings from firms in tech, bioscience, energy and retail
By Listed Staff
May 17th, 2017

When you’re coming off the worst year in the last 19, it’s hard not to show some improvement. But will 2017 actually do one better and go down as a bumper year for initial public offerings in the Canadian markets? … Continue reading

Majority voting plans spark a plurality of opinions

The federal government is now well down the road toward amending the Canada Business Corporations Act to enshrine majority voting into law. But the plan has its critics, and they’re still determined to be heard
By Jim Middlemiss
May 17th, 2017

While Canada lags the world when it comes to majority voting laws for directors, that gap appears to be on the brink of major change. Everyone from the TSX, which recently issued new guidance on its majority voting policy, to … Continue reading

Parting company

Diamond mining has helped put Yellowknife on the world map. Now the largest of the local miners, Dominion Diamond, is moving its head office to Calgary. The move will save millions, but at the cost of a CEO
By Paul Brent
March 2nd, 2017

Usually, when a CEO steps down “for personal reasons,” markets think the worst and are quite often right to do so. The company has performed poorly, the chief executive has clashed with the board, or investors are clamouring for change. … Continue reading

Did we say transparency? Never mind

Just as Canadian miners are reporting payments to governments for the first time under ESTMA, the new Republican administration has done a full 180. The U.S., once a disclosure leader, is now bucking the trend
By Diane Peters
March 2nd, 2017

Irony is great when it turns up in novels or movies. But when it surfaces where it doesn’t belong—in connection with legislation governing the business and reporting practices of international mining and resources companies, say—things can get awkward. Or worse. … Continue reading

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Views

Financing the recreational marijuana industry

Early retail investor euphoria is giving way to a broader set of capital sources as companies emerge in this new Canadian market. The next year will reveal a lot about the future of funding for these businesses
By Robert Olsen
August 3rd, 2017

“ Responsibility is a heavy responsibility!” —Cheech Marin, “Cheech and Chong’s Next Movie” (1980) “ Our intent is to legalize, regulate and restrict. There needs to be reasonable restrictions on making sure that we keep it away from kids…. We … Continue reading

The retirement conundrum

There are times when paying severance to a retiring senior executive is warranted. But as a standard practice it raises questions and scrutiny. The good news: boards have options to help avoid the problem
By Ken Hugessen
August 3rd, 2017

Severance payments are typically provided to executives in the event of a termination without cause. However, some companies also make severance payments to senior executives upon what looks to be a retirement. These situations often raise questions regarding the rationale … Continue reading

When the OSC comes knocking

No company wants one. Few ever expect them. But—as we highlight elsewhere in this issue—the rigour of Ontario Securities Commission investigations is rising. If you find yourself a target, will you know what to do?
By Poonam Puri
August 3rd, 2017

In April, staff of the Ontario Securities Commission commenced headline-grabbing regulatory enforcement proceedings against Home Capital Group Inc. (TSX:HCG) and three of its current and former executives. OSC staff alleged that these parties failed to disclose a material change in … Continue reading

Enterprise risk: where does a board’s role end?

Lack of management objectivity makes it incumbent on boards to go beyond their traditional oversight role in several key areas of enterprise risk management. The payoff: reduced exposure and better performance
By John Caldwell
August 3rd, 2017

Ordinarily, the delineation and segregation of responsibilities between management and the board is relatively straightforward. While boards ultimately carry the over- arching responsibility for the enterprise, management is tasked to manage the affairs of the business. In practice, this generally … Continue reading

Passive investing meets active investor relations

What is the role of investor relations and shareholder engagement—from the IRO to the CEO—in an age of passive investing strategies?
By Chaya Cooperberg
August 3rd, 2017

At the annual Canadian Investor Relations Institute (CIRI) conference this past June, by the swollen, flooded shoreline of Kelowna, B.C., investor relations professionals gathered to discuss the most pressing issues facing equity capital markets today. A theme emerged. On panels … Continue reading

After the AGM: a compensation committee reset?

With the heavy lifting over for another year, the next few months serve as an opportune time to review mandates and renew committee relationships
By Ken Hugessen
May 19th, 2017

The annual general meeting represents a time of change for boards, as long-serving directors step down and new individuals join on. This time of renewal may also suggest a need for boards and committees to reflect on their mandates. For … Continue reading

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Features

Rulings of engagement

Contract interpretation? Privacy limits? Litigation protection? These are just some of the important legal zones affected by Canada’s recent high court rulings. Here is Listed’s annual look at the most consequential of those decisions and how Canadian listed companies might navigate the challenges they present
By Jim Middlemiss
August 4th, 2017

The Supreme Court of Canada has once again had a busy year with a number of rulings that impact the business world. Over the past 12 months, the court has ruled on everything from when companies can revise their deal … Continue reading

Rulings pt. 2: More orders from the court

Along with our featured top five rulings, here are five more that will also weigh on future boardroom decisions
August 4th, 2017

STEWART V. ELK VALLEY COAL CORP. COURT Supreme Court of Canada ISSUE Limits on enforcement of workplace fitness for duty policies When can employees who test positive for illegal drugs be dismissed without that dismissal constituting unlawful discrimination under human … Continue reading

Putting the force in enforcement

As Canada’s leading market watchdog, the Ontario Securities Commission has been long criticized for its weak record in prosecuting serious securities crime. Will a new head of enforcement, working with new tools, under a new chair, be able to change that?
By Cooper Langford
August 4th, 2017

  Barring negotiated settlements, most of Canada’s securities enforcement community will be consumed this fall with the prosecution of several related high-profile cases alleging insider trading of shares in the former Montreal-based Amaya Inc., now Toronto-based The Stars Group Inc. … Continue reading

Growing like weed

It’s official: legalized recreational cannabis is coming to Canada. An already hot market for marijuana companies is set to explode—and a horde of start-ups now face the task of becoming grown-ups in a controversial industry on a short political leash
By Chris Sorensen
May 17th, 2017

New York hedge fund managers pride themselves on being able to spot big moneymaking opportunities long before anyone else. But somehow they failed to notice Bruce Linton when he travelled to Manhattan three years ago to drum up interest in … Continue reading

Cool, calm and calculated

In choosing David Garofalo as its new CEO last year, Goldcorp’s board decided its problems not only needed rapid change, but someone who could deliver it with discipline
By John Greenwood
March 2nd, 2017

David Garofalo isn’t the type to get easily excited. Just back from Davos, the annual schmooze-fest in the Alps for movers and shakers of the world, the chief executive of Vancouver-based Goldcorp Inc. (TSX:G) encountered a big change at the … Continue reading

The great white hope

In 2015, it was a rare light in the darkness; last year, a market driver. Today, junior lithium mining is a frantic race for reserves, scale, output and orders to win a spot among the sector’s established producers
By Kerry Banks
March 2nd, 2017

Gambling in Nevada is typically conducted in Las Vegas or Reno, but there is now an entirely new type of gambling taking place in a bleak, sun-blasted valley located midway between these two cities. Here a cluster of sharp-eyed speculators, … Continue reading

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The Director's Chair

Ani Hotoyan-Joly: The making, and makeup, of a director

In The Director’s Chair with David W. Anderson: Up front about her passions for learning, for service and for paying the benefits of her opportunities forward, Ani Hotoyan-Joly shines a clear light on the path she’s taken to a directorship career
August 3rd, 2017

It’s often said that the benefits of a diverse board show up in the quality of its decision-making and in the range of opinions expressed in coming to consensus on different issues. What that looks and sounds like at the … Continue reading

Warren Holmes: Share success, shoulder the blame

In The Director’s Chair with David W. Anderson: After nearly a decade as chair of Hudbay Minerals and a career in Canadian mining, Warren Holmes has learned a few things about leadership and creating a culture that puts company performance ahead of personal ego
May 17th, 2017

It takes all kinds of skill sets and personalities to make the business world go around. But when Warren Holmes talks about lessons learned and his accumulated wherewithal as an executive, a board chair and a corporate director, it’s clearly … Continue reading

Daniella Dimitrov: Fresh eyes on old problems

In The Director’s Chair with David W. Anderson: When you’ve worn as many different hats as mining director and corporate adviser Daniella Dimitrov, you always see the big picture
March 2nd, 2017

Daniella Dimitrov’s mining résumé—as a director, board chair, CEO, CFO and COO at an array of small- and mid-cap companies—would qualify as an impressive life’s work for many in the industry. Yet in Dimitrov’s case, this is actually her third … Continue reading

Charles Curran: Bright ideas, maximum leverage

In The Director’s Chair with David W. Anderson: The common thread in director and investor Charles Curran’s long list of career successes? Always finding ways to ensure money, people, boards and organizations work better
December 15th, 2016

Australia’s Charles Curran began with the essentials—an early background in law, accounting and stockbroking. Then he started making things happen. First tabbed to help lead the reform of his country’s capital markets system, he’s since chaired many company boards, including … Continue reading

Jean-René Halde: An open playbook

In The Director’s Chair with David W. Anderson: Sports teams thrive on trust among teammates. Successful boards and board-chair-CEO relationships work the same way, says veteran CEO and director Jean-René Halde
October 9th, 2016

Jean-René Halde is the first one to say he doesn’t have all the answers. But it’s clear from his varied and illustrious career as a CEO, board chair and director, and from his remarks in the following conversation with governance … Continue reading

Shann Turnbull: How good is “good” governance?

In The Director’s Chair with David W. Anderson: Don’t let the friendly appearance fool you. Shann Turnbull’s best ideas have the power to bust up a boardroom
May 30th, 2016

Most doctorates awarded to business leaders with lengthy careers are of the honourary kind. Not Australia’s Shann Turnbull’s. His 2000 PhD thesis proposed a science of governance inspired, in part, by communication in nature. A prolific thinker and reformer, with … Continue reading

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Handbook

Is it time for a hard look at “softer” pay targets?

With so much company value tied up in reputation, social licence, integrity and sustainability, there’s growing support for basing a greater share of executive pay on meeting “non-financial” metrics that reflect these goals
By Mai Nguyen
August 3rd, 2017

Back in April, you may have seen a video of an older, Asian man being forcibly dragged by police off an overbooked United Airlines flight. This viral clip not only sparked horror, outrage and vows to never ever fly with … Continue reading

One-dimensional? Us?

Two University of Calgary researchers have crunched the numbers and found Canada’s economy to be a model of healthy diversification. But not everyone is convinced
By Ian McGugan
August 3rd, 2017

For years, politicians and policy wonks have urged Ottawa to take action to ensure that Canadians become more than hewers of wood and drawers of water. But maybe it’s time to think again. Trevor Tombe and Robert Mansell of the … Continue reading

A board’s secret sauce: industry expertise

While most boards list industry expertise on their skills matrixes, what passes for “expertise” varies widely. And when it’s lacking, investors and activists see a red flag
By Beverly Behan
August 3rd, 2017

Twenty years ago, more than one-third of TSX 100 boards lacked any independent directors with experience working as executives in the industry of the company they governed. That data may seem shocking in 2017. But even today, many companies lack … Continue reading

Half full? Dare we say three-quarters?

Sure, there are still reasons for pessimism, but what do we make of all the signs that the global economy is picking up strength? Go with it
By Ian McGugan
May 19th, 2017

Look! Over there—could that be sunrise on the horizon? It certainly seems so. After years of struggling through the long shadows cast by the financial crisis, the world economy is brightening. Maybe, just maybe, managers should stop worrying about the … Continue reading

Wanna be a talk star?

Know your audience, sure. But first, know thyself
By Listed Staff
May 18th, 2017

The ability to deliver good presentations is a staple in the successful executive’s toolkit. It’s also true that the number of people who can actually make engaging, informative, enlightening and inspiring presentations is, frankly, darn small. So the quickest way … Continue reading

Board chair evaluation: does the UK know best?

Good governance in Canada typically means separating the chairman and CEO roles. But that’s really just a half measure without also having an airtight process to evaluate the chair’s leadership
By Beverly Behan
May 18th, 2017

Canadian boards take pride in their long-standing practice of separating the roles of chairman and CEO. But British boards go even further—not only appointing independent non-executive chairs but also actively managing their performance. Like Canada, the UK takes a “comply … Continue reading

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Economy

One-dimensional? Us?

Two University of Calgary researchers have crunched the numbers and found Canada’s economy to be a model of healthy diversification. But not everyone is convinced
By Ian McGugan
August 3rd, 2017

For years, politicians and policy wonks have urged Ottawa to take action to ensure that Canadians become more than hewers of wood and drawers of water. But maybe it’s time to think again. Trevor Tombe and Robert Mansell of the … Continue reading

Half full? Dare we say three-quarters?

Sure, there are still reasons for pessimism, but what do we make of all the signs that the global economy is picking up strength? Go with it
By Ian McGugan
May 19th, 2017

Look! Over there—could that be sunrise on the horizon? It certainly seems so. After years of struggling through the long shadows cast by the financial crisis, the world economy is brightening. Maybe, just maybe, managers should stop worrying about the … Continue reading

There’s value in them thar hills!

Mining used to be simple. Find a deposit, build a mine, get it out of the ground and sell it. Today the hardest thing to find is a low-risk growth strategy that delivers investors and results
By Ian McGugan
March 2nd, 2017

What a difference a year makes. At the start of 2016, the mining industry was reeling. Metals prices were in freefall and investors had long since fled from the sector. Then everything changed. As new signs of global growth emerged, … Continue reading

Poloz: selling life in the slow lane

It’s in business leaders’ DNA to expect big returns. So what should we make of the Bank of Canada’s rush to embrace and preach the doctrine of slow growth?
By Ian McGugan
December 15th, 2016

Senior executives have one overwhelming goal, at least so far as shareholders are concerned, and that goal is to create decent returns on the money invested in their companies. But what constitutes a reasonable profit in this age of low … Continue reading

Much ado about little

Both of Canada’s current signature international trade pacts are foundering just shy of completion. But given the paltry contributions the TPP and CETA are expected to make to our economy, should anyone care?
By Ian McGugan
October 11th, 2016

Can you hear the gnashing of teeth in Ottawa? Both of Canada’s flagship trade initiatives are in trouble and all the usual suspects are predicting problems as a result. Without the Trans-Pacific Partnership (TPP) to help Canadian exports expand in … Continue reading

As go home values, so goes the economy. But why?

Many agree with Bank of Canada governor Stephen Poloz when he says big-city house prices are too high. Even so, there are two different schools of thought—with wildly different outcomes—on how to handle the issue
By Ian McGugan
August 1st, 2016

Across the street from my family’s modest Toronto house, workers are building a condo tower. From Monday through Friday, the rumble of dump trucks and clank of bulldozers punctuates our breakfast. Mind you, we’re not unusual: the creaky clatter of … Continue reading

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Insider

Agenda: sustainability

Insider: Annette Verschuren
May 30th, 2016

Who Annette Verschuren, chair and CEO of NRStor Inc., a Toronto-based energy storage project developer and owner. Verschuren also sits as a director on the boards of Air Canada (TSX:AC), Canadian Natural Resources Ltd. (TSX:CNQ); Saputo Inc. (TSX:SAP) and Liberty … Continue reading

It’s buying time [again]

Insider: Ross Beaty
March 4th, 2016

Who: Ross Beaty, founder and chairman of Pan American Silver Corp. (TSX:PAA), founder and executive chairman of renewable energy company Alterra Power Corp. (TSX:AXY) and a lauded geologist and lawyer with 40-plus years of mining industry experience. Involvement: Beaty has … Continue reading

Growing public

Insider: Anton Rabie
December 14th, 2015

Who Anton Rabie, co-CEO Spin Master Corp. (TSX:TOY), a Toronto-based children’s toys, games and entertainment company. Spin Master’s best-known brands include Bakugan and Air Hogs; its latest TV series, Paw Patrol, is broadcast in over 160 countries. Rabie co-founded Spin … Continue reading

ROI meets ESG

Insider: Michael Jantzi
October 10th, 2015

Who Michael Jantzi, CEO of Sustainalytics, a leading Amsterdam-headquartered, global ESG and corporate governance research, ratings and analysis firm. Jantzi founded Jantzi Research in Toronto in 1992 and merged it with Sustainalytics in 2009. Involvement In August, Sustainalytics announced a … Continue reading

Leading in

Insider: Linda Hasenfratz
July 24th, 2015

Who Linda Hasenfratz, chief executive officer and a director of Linamar Corp. (TSX:LNR) of Guelph, Ont., a position she has held since 2002. Linamar, ranked 31st among the top 100 automotive parts suppliers in North America, also has operations in … Continue reading

Who is seeing i2i?

Insider: Stephen Davis
May 12th, 2015

Who Stephen Davis, associate director of the Harvard Law School Programs on Corporate Governance and Institutional Investors and a senior fellow at the Program on Corporate Governance. Davis is also a nonresident senior fellow in governance at the Brookings Institution … Continue reading

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