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Views
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

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The Boardroom Beverly Behan


Top Stories

Diversity’s future less than clear

Despite new OSC regulations, the proportion of women directors and senior executives on TSX-listed companies in 2016 is unchanged from 2015. What will it take to move the dial?
By Listed staff
October 10th, 2016

Here’s a free tip for any member of the board or senior management of a TSX-listed company. Steer clear of fortune-tellers unless you can bear to hear the following: “I see quotas in your future.” Not tomorrow, not next year, … Continue reading

The bottom line comes full circle

Triple bottom line was a great concept. But as investors clamour to include ESG (environmental, social and governance) factors in their decision-making, a new era of harmonized reporting—effectively, a single, integrated bottom line—is nigh
By John Greenwood
October 10th, 2016

“History will judge today’s effort as pivotal,” said U.S. president Barack Obama, as he and Xi Jingping, the president of China, ratified the Paris climate accord in early September. If the comments sounded auspicious, they are. That the leaders of … Continue reading

Beware the weakest link

As business ecosystems become more integrated and the number of third-party partners and suppliers grows, supply chain risk should be a top-line agenda item for directors and management alike. Our report, with a five-step guide for boards, can help
By Jim Middlemiss
October 10th, 2016

When the world’s seventh-largest container shipping line, Hanjin Shipping Co., filed for bankruptcy protection at the end of August, it left retailers, manufacturers and resource companies around the world scrambling and fearing the worst. Dozens of container-ships and tankers carrying … Continue reading

Embracing the F-word

That’s “F” as in fintech, shorthand for the emerging array of digital financial services, technologies and startup companies racing to hand the banking sector its “Uber” moment. The banks? They’re running just as hard to prevent it
By Jonathan Woods
August 2nd, 2016

Somewhere in an office in downtown Toronto, standing beside a ping-pong table, young engineers and software developers in jeans arrange multicoloured sticky notes on whiteboards outlining the next steps in the refinement of a digital mortgage application service. You would … Continue reading

Is your board MIA on HR?

Directors talk a good game on CEO succession. But when it comes to strategic oversight of human capital—the most important intangible asset most companies possess—too many boards are missing in action. In this excerpt from a new book, The Handbook of Board Governance, edited by Listed contributing editor Richard Leblanc, two leading researchers outline the problem and propose a way forward
By Jay A. Conger and Edward E. Lawler III
August 2nd, 2016

It is a time-honoured adage that CEOs often repeat: “People are our greatest asset,” but is it more than talk? Probably not. Research confirms the adage, showing a linkage between superior human capital management practices and superior organizational performance. In … Continue reading

A helping handbook

An ambitious new volume, edited by Listed contributing editor Richard Leblanc, explores the state of play and state of the art in board governance
By Listed staff
August 2nd, 2016

What do you get when you combine 50 world-calibre governance researcher and practitioner authors, from eight countries, writing on the latest trends, regulations and emerging best practices in corporate governance? The Handbook of Board Governance, a new 39-chapter collection, edited … Continue reading

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Ticker

Diversity’s future less than clear

Despite new OSC regulations, the proportion of women directors and senior executives on TSX-listed companies in 2016 is unchanged from 2015. What will it take to move the dial?
By Listed staff
October 10th, 2016

Here’s a free tip for any member of the board or senior management of a TSX-listed company. Steer clear of fortune-tellers unless you can bear to hear the following: “I see quotas in your future.” Not tomorrow, not next year, … Continue reading

Mining: still down, but no longer out

The good news? The sector’s brutal, four-year decline is history. The bad? The hole’s still mighty deep
By Ken Mark
October 10th, 2016

“A small ray of light.” Ask David Poynton, president and CEO of Toronto-based Daycon Minerals Corp., a tiny, privately held junior copper-silver explorer, for his take on the mining sector’s apparent rebound in 2016, and you’d be hard-pressed to call … Continue reading

Who wins the battle? Who wins the war?

Resolute may be just a name, but Canada’s largest newsprint producer is living up to the meaning of the moniker in its determination to challenge both its biggest environmental critics and a global certifier of sustainable forestry
By John Greenwood
August 1st, 2016

Given the growing shift in public support for the environmental movement, it’s not surprising that resource companies generally prefer to avoid disputes with the greens. Even energy giants like Exxon Mobil Corp. and Royal Dutch Shell PLC, formerly climate change … Continue reading

Find an edge? Or just hedge?

Canadian business weighs the options as Brexit vote turmoil gives way to long-term strategizing
By Paul Brent
August 1st, 2016

It was a heedless gamble that cost a sitting Prime Minister his job, prompted the resignation of another party leader and a revolt against a third, has cast a pall over the world’s fifth-largest economy and thrown trade treaties and … Continue reading

Nasdaq stokes Canadian expectations

Buying Chi-X Canada was just the start. A suite of follow-on deals and Nasdaq’s announcement of plans to enter the dark pool market have many in Canada’s trading and listing community anticipating what’s to come
By Jim Middlemiss
May 30th, 2016

From the moment Nasdaq Inc. cemented its arrival into Canada last December with the $US110-million purchase of Chi-X Canada and its 22% share of the order flow of S&P/TSX Composite securities, expectations of a shake-up in the country’s trading and … Continue reading

What happens offshore…winds up onshore

Fallout from the massive Panama Papers leaks has been predictably and justifiably widespread. It’s also emboldened regulators and cleared a path for new rules and a stepped-up war on tax evaders
By Ken Mark
May 30th, 2016

The recent Panama Papers data breach is to hiding ill-gotten gains in tax havens what last year’s Ashley Madison website leak is to arranging extramarital affairs close to home. If you were named in the latter, however, not much could … Continue reading

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Views

Bringing investor relations into the boardroom

As boards—not to mention regulators and other stakeholders—put greater emphasis on board diversity and shareholder engagement, the need for IR professionals at the table is growing
By Chaya Cooperberg
August 1st, 2016

Here’s a question for boards to consider: is it time to add an investor relations expert to your slate? IROs are indeed starting to take on director roles in corporate North America, and with good reason. In this era of … Continue reading

Setting pay through strategic transitions

Establishing performance standards and setting and managing executive pay is never easy. But what happens in a period of structural change? How do boards measure a moving target?
By Ken Hugessen
August 1st, 2016

Over the last few years, many traditional business models have been threatened by obsolescence, including, to name a few, travel agencies, print media and more recently, coal-fired power plants. Boards and management teams in such sectors are often faced with … Continue reading

Simplifying the risk universe for boards

Philosophers can see the universe in a single grain of sand. An effective corporate board should be able to lay out its risk universe on a single sheet of paper
By John Caldwell
August 1st, 2016

Enterprise risk is an entangled subject with no shortage of complexities. And many risk-management systems have evolved unwittingly into mind-numbing risk-register spreadsheets, stoplight charts that would rival any Manhattan rush hour, and obligatory mitigation plans with more form that actionable … Continue reading

Don’t say they didn’t warn you

In the face of stepped up anti-corruption laws in Canada, the U.S. and the UK, companies have no excuse for not proactively managing their corruption risk
By Poonam Puri
August 1st, 2016

This past March, Canadian health sciences firm Nordion Inc. settled charges under the U.S. Foreign Corrupt Practices Act for lacking sufficient internal controls to detect and prevent bribes paid by a former employee to Russian government officials. Nordion settled with … Continue reading

Divestitures: look before you list

Selling a company is a big step for anyone, be it a family business owner or a private equity firm. So what separates deals that succeed from those that fail? Often, it’s the planning that’s done before taking the business to market
By Robert Olsen
August 1st, 2016

Whenever we see articles on M&A, the typical focus is the number and dollar value of successful deals closed versus the previous year. However, much less is written about the number of divestitures that are planned but don’t close, or … Continue reading

Private equity primed for moves in energy

Billions earmarked for energy investments are piling up on the sidelines. Meanwhile, the longer energy prices languish, the more producer and oil-service firms’ coffers dry up. It’s setting up the kind of scenario where PE shines
By Robert Olsen
May 30th, 2016

There has been a lot of talk since the oil crisis began about the interest of private equity investors in the sector, and their ability to fill the capital gap required to restart the energy engine in Western Canada. Private … Continue reading

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Features

The bottom line comes full circle

Triple bottom line was a great concept. But as investors clamour to include ESG (environmental, social and governance) factors in their decision-making, a new era of harmonized reporting—effectively, a single, integrated bottom line—is nigh
By John Greenwood
October 10th, 2016

“History will judge today’s effort as pivotal,” said U.S. president Barack Obama, as he and Xi Jingping, the president of China, ratified the Paris climate accord in early September. If the comments sounded auspicious, they are. That the leaders of … Continue reading

Beware the weakest link

As business ecosystems become more integrated and the number of third-party partners and suppliers grows, supply chain risk should be a top-line agenda item for directors and management alike. Our report, with a five-step guide for boards, can help
By Jim Middlemiss
October 10th, 2016

When the world’s seventh-largest container shipping line, Hanjin Shipping Co., filed for bankruptcy protection at the end of August, it left retailers, manufacturers and resource companies around the world scrambling and fearing the worst. Dozens of container-ships and tankers carrying … Continue reading

Embracing the F-word

That’s “F” as in fintech, shorthand for the emerging array of digital financial services, technologies and startup companies racing to hand the banking sector its “Uber” moment. The banks? They’re running just as hard to prevent it
By Jonathan Woods
August 2nd, 2016

Somewhere in an office in downtown Toronto, standing beside a ping-pong table, young engineers and software developers in jeans arrange multicoloured sticky notes on whiteboards outlining the next steps in the refinement of a digital mortgage application service. You would … Continue reading

Is your board MIA on HR?

Directors talk a good game on CEO succession. But when it comes to strategic oversight of human capital—the most important intangible asset most companies possess—too many boards are missing in action. In this excerpt from a new book, The Handbook of Board Governance, edited by Listed contributing editor Richard Leblanc, two leading researchers outline the problem and propose a way forward
By Jay A. Conger and Edward E. Lawler III
August 2nd, 2016

It is a time-honoured adage that CEOs often repeat: “People are our greatest asset,” but is it more than talk? Probably not. Research confirms the adage, showing a linkage between superior human capital management practices and superior organizational performance. In … Continue reading

Now heed this!

Canada’s top courts continually make critical rulings that set and clarify laws for business conduct. Here’s our exclusive look at the most influential of those decisions from the past year
By Jim Middlemiss
August 2nd, 2016

Welcome to Listed’s annual ranking of the six most important Canadian high court rulings from the past year. This exclusive selection, based on an informal survey of top Canadian lawyers and legal watchers, identifies the cases with the biggest potential … Continue reading

You gotta own it

Why culture, not compliance, is the key to making diversity stick—and to helping companies realize its full potential
By Robert Thompson
May 30th, 2016

Nancy Hopkins has witnessed shifts in a company’s culture firsthand. A lawyer at McDougall Gauley in Saskatoon, Hopkins was a female pioneer almost a quarter-century ago when she took a posting to the board of directors of uranium miner Cameco … Continue reading

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The Director's Chair

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

Jim Carter: Do you buy value, or build it?

In The Director’s Chair with David W. Anderson: Jim Carter may sit on four boards, in different sectors, but when it comes to creating value and long-term success, his measuring stick stays the same: get the culture right and results will follow
March 4th, 2016

Mining executives and directors, Jim Carter feels your pain. The former president of Syncrude Canada, now a director on four corporate boards—Finning International, Brand Energy, Alberta Treasury Branch Financial and Irving Oil—has navigated his share of industry slumps, and his … Continue reading

Helen Kearns: Purpose, process…results

In The Director’s Chair with David W. Anderson: An accomplished wealth manager, financial markets executive and veteran director, Helen Kearns has relied on a disciplined, strategic, long-term approach to create lasting value in every role
December 14th, 2015

With an exemplary career in wealth management and capital market finance, Helen Kearns, president and CEO of Bell Kearns & Associates Ltd., not only knows as much as anyone about making and managing money, but also how to anticipate and repel setbacks … Continue reading

Mike Wilson: Out of the fray, still in the fire

In The Director’s Chair with David W. Anderson: He had a long executive career, culminating in a decade as president and CEO of Agrium. Now Mike Wilson is bringing it as a non-executive director on four boards
October 10th, 2015

If you need any testimony to Mike Wilson’s knowledge, experience, boardroom savvy and the high esteem in which he’s held by his peers, consider that within a year of retiring as president and CEO of Agrium Inc. at the end … Continue reading

Bill Achtmeyer: Artisan of the deal

In The Director’s Chair with David W. Anderson: A conversation with Boston-based Bill Achtmeyer serves up an advanced class in M&A strategy and execution
July 26th, 2015

After decades of M&A advisory experience, first with Bain & Co., then as founder, chair and managing partner of the Parthenon Group, plus a distinguished director career, Bill Achtmeyer has an acute, board’s-eye view of M&A. Here, in conversation with … Continue reading

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Handbook

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

Confronting the road next taken

Strategic reviews? Sometimes they’re a company’s do-or-die moment. At minimum, change is afoot. We asked veterans of the process to tell us what to get right and what not to get wrong
By Paul Brent
October 11th, 2016

In good times and bad, whether the economy and markets are up or down, there appears to be no shortage of companies calling for a public timeout. The infamous “strategic review” can be called because the business is running out … Continue reading

Met your match?

A simple guide to the tricky economics driving today’s top companies
October 10th, 2016

A traditional business challenge is to reach customers. Matchmaker businesses do something else: they bring different groups of customers together, providing value through their network or their platform. It’s not a new concept—think magazines or shopping malls—but it is one … Continue reading

A helping handbook

An ambitious new volume, edited by Listed contributing editor Richard Leblanc, explores the state of play and state of the art in board governance
By Listed staff
August 2nd, 2016

What do you get when you combine 50 world-calibre governance researcher and practitioner authors, from eight countries, writing on the latest trends, regulations and emerging best practices in corporate governance? The Handbook of Board Governance, a new 39-chapter collection, edited … 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

How to use your network to get on a board

If board headhunters don’t find you, how do director-to-be hopefuls find a board? By all means tap into your network, but do your homework first
By Beverly Behan
August 1st, 2016

Only about half of board searches for public companies involve the use of headhunters. So, where does the other half find their new directors? A few go into databases at the Institute of Corporate Directors or Board Prospects—or if they’re … Continue reading

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Economy

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

Two words: revenue neutral

National action on carbon emissions is coming. It’s expected, it’s needed and rather than fight it, smart businesses should weigh in on the discussion to help create the best outcome
By Ian McGugan
May 30th, 2016

Should Ottawa tax carbon emissions? British Columbia already imposes a levy on greenhouse gas emitters and Alberta will begin doing so next year. Meanwhile, Quebec forms part of a cap-and-trade system with California, and will soon be joined by Ontario … Continue reading

Will the giants inherit the earth?

Grim as the economics of mining and minerals are for everyone right now, looking ahead, things are lining up strongly in favour of the industry’s biggest players. Expect them to dominate increasingly large swaths of the business for years to come
By Ian McGugan
March 4th, 2016

After four years of relentlessly bad news, the one bright spot for the mining industry in 2016 is that there are no high hopes left to disappoint. The compelling question that hangs over the sector is no longer how bad … Continue reading

How our new PM can help grow the economy

Generations of rhetoric notwithstanding, Canadian prime ministers don’t have that many tools at their disposal to boost economic growth. So here are three ideas to get Justin Trudeau started
By Ian McGugan
December 15th, 2015

You should feel sorry for federal politicians—at least during elections and just afterward. It’s then that these would-be leaders are forced to stand up and pretend they possess the magic formula to generate prosperity. Of course, their hopeful rhetoric often … Continue reading

Global economy down, but far from out

Regional gridlock and wobbles in China prompt legitimate fears. But when the two biggest inputs for business—money and energy—are as cheap as they are today, growth should prevail
By Ian McGugan
October 10th, 2015

Let’s acknowledge the obvious. With Canada at least technically in a recession, China slowing and Europe trapped in political gridlock, business leaders in this country have good reason to be worried about the outlook for the world economy over the … Continue reading

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Insider

Métis rights: beyond debate

Insider: Tom Isaac
October 9th, 2016

Who Tom Isaac, Vancouver-based partner at Cassels Brock & Blackwell, is a nationally recognized authority in Aboriginal law, advising business and government clients on Aboriginal legal matters and constitutional issues. Involvement In June 2015, Isaac was asked by the federal … Continue reading

Showing the way

Insider: Deborah Gillis
August 2nd, 2016

Who Deborah Gillis, president and CEO of Catalyst. Gillis, a Canadian, became the first non-American head of the New York-based, global organization in 2013. Catalyst champions gender diversity and the advancement of women on boards of directors and in the … Continue reading

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

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