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Ken Hugessen

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Chaya Cooperberg

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John Caldwell

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The Boardroom Beverly Behan


Top Stories

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

Bidding up change

Insider: Elena Mayer
March 2nd, 2017

Who Elena Mayer, president and CEO of Women Who Rock (WWR), a volunteer organization that facilitates mentoring and sponsorship opportunities to help women establish and advance careers in mining. Involvement Mayer, a lawyer and MBA whose day job is senior … 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

Not-so-innocent abroad

Like it or not, Canadian mining companies have a growing reputation in the developing world as bad actors who commit and condone environmental and human rights abuse. Would the appointment of an independent federal ombudsman help us clean up our act?
By Kerry Banks
March 2nd, 2017

It’s no secret to anyone managing or sitting on the board of a Canadian mining company: in recent years, a startling litany of accusations of human rights abuses, including such serious crimes as murder, rape, slave labour and environmental destruction, … 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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Ticker

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

Blind to corruption?

Companies urged to raise awareness, boost due diligence and compliance
By Listed Staff
December 19th, 2016

Peter Dent and Ken Jull may not have seen it all, but as two of Canada’s leading experts on corporate corruption, foreign corrupt practices, and anti-bribery due diligence and compliance—Dent as a partner at Deloitte specializing in forensic financial crime; … Continue reading

Energy board reset faces long odds

In November, the federal Liberals appointed a five-person panel to make recommendations to fix the discredited National Energy Board. But a bigger question frames the task: Are the NEB’s problems beyond repair?
By John Greenwood
December 15th, 2016

For most of its nearly 60-year history the National Energy Board, Canada’s pipeline regulator, quietly did its job, mostly beyond the glare of the public spotlight, surfacing occasionally in the pages of the business press. Pipelines got built and people … Continue reading

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

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Views

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

IR: a lifeline in hard times

As companies in our energy economy struggle for survival, everything is on the table. That’s also why there’s a strong case to be made for continuing to invest in investor relations
By Chaya Cooperberg
May 30th, 2016

Last summer, I advertised for a mid-level position on my investor relations team, based in Toronto. The responses rolled in, with the calibre and seniority of applicants higher than I anticipated. More than half of the résumés were from Western … Continue reading

Rethinking reputational risk

Warren Buffett rightly observed, “It takes 20 years to build a reputation and five minutes to ruin it.” Yet even as many directors try to heed those words, boards still miscalculate their reputational exposure
By John Caldwell
May 30th, 2016

According to Deloitte’s 2014 Global Survey on Reputational Risk, 87% of executives surveyed rated reputation risk as more important or much more important than other strategic risks their companies are facing. In addition, 87% say their companies are explicitly focusing … Continue reading

Dilution for a rainy day

The more commodities drop, the clearer it is which companies factored the strategic risk of a slump into their actions back in the boom. Those that contained costs, built reserves and used equity for expansion then, are riding high today riding out the gloom
By John Caldwell
March 6th, 2016

On September 26, 2012, gold was trading at US$1,778.00 per ounce, close to its all-time high. That same day, silver was at US$33.93 an ounce and a pound of copper was US$3.74. Fast-forward 39 months to the start of this … Continue reading

Parents’ subsidiary liabilities hit home

Hudbay, Nevsun, Chevron...multiple Canadian resource companies are now facing suits in Canadian courts for the actions of their offshore subsidiaries. It’s time other firms took steps to address their own risk
By Poonam Puri
March 6th, 2016

In 2013, a group of indigenous Guatemalan plaintiffs commenced legal proceedings against Canadian mining giant Hudbay Minerals Inc. (TSX:HBM), alleging that security personnel hired by Hudbay’s wholly owned subsidiary in Guatemala perpetrated violent human rights abuses when carrying out security … Continue reading

Looking back on the year ahead

Wherein we embark on a short, time-traveling leap to the end of 2016 to take a look back at what went down—or up—in the mining sector in the year that was...or soon might be
By Robert Olsen
March 6th, 2016

Have you had enough of bad news in the mining sector and predictions for more of the same for the rest of 2016? Ever find yourself wishing you could just hit a switch and fast-forward another year? You’re not alone. … Continue reading

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Features

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

Big offset on the Prairie

K+S Potash Canada just built Saskatchewan’s first greenfield potash mine in more than 40 years. To ensure no net loss of rare native habitat, it’s also financing the province’s first-ever grassland biodiversity offset
By Brian Banks
March 2nd, 2017

A two-square-kilometre (200-hectare) mine site might not sound massive. But when its construction is earmarked for one of the world’s most threatened ecosystems—the moist mixed grasslands of central Saskatchewan, where more than 80% of the native vegetation has been converted to … Continue reading

Better a buyer than a builder be?

It’s the biggest foreign deal for a Canadian company ever. Yet at a time when new pipelines are an extremely tough sell, Enbridge’s $37-billion Spectra Energy buy stands tallest for solving that problem—and earns distinction as Listed’s 2016 Deal of the Year
By Robert Thompson
December 18th, 2016

Al Monaco had been planning something big for years. All the indicators were there. After all, Monaco, who became chief executive of energy giant Enbridge Inc. (TSX:ENB) in 2012, announced last year that his company was freeing up $30 billion … Continue reading

Our Deal of the Year short list

Three deals came close before falling just short in our Deal of the Year judging. Here’s why they were worthy, but ultimately not chosen
December 18th, 2016

FIRST RUNNER-UP Alimentation Couche-Tard Inc. If Enbridge’s Spectra purchase wasn’t such a monster deal in a difficult sector, Alimentation Couche-Tard’s (TSX:ATD.B) $5.5-billion outlay for CST Brands Inc., a Texas-based gas station chain, had a good shot at being our pick … Continue reading

A lower loonie still goes a long way

For the second straight year, outbound deals take top billing in our Special Report on M&A. But don’t be deceived: domestic action has been steady, too
By Jim Middlemiss
December 18th, 2016

While there are many ways to evaluate this year’s mergers and acquisitions activity as the calendar draws to a close, it’s hard not to declare 2016 as a year for building Canadian power abroad. The source of that pronouncement: outbound … Continue reading

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The Director's Chair

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

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

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Handbook

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

Corporate responsibility: from policy to performance

Boards must oversee the development and implementation of practical, operationally focused management systems to ensure corporate responsibility commitments and performance are achieved
By Craig Ford
March 2nd, 2017

Everybody understands the essential role that internal controls play in upholding the financial side of a business. So it only makes sense that when it comes to ensuring that corporate responsibility policies are being properly executed, a similar set of … Continue reading

Not-so-innocent abroad

Like it or not, Canadian mining companies have a growing reputation in the developing world as bad actors who commit and condone environmental and human rights abuse. Would the appointment of an independent federal ombudsman help us clean up our act?
By Kerry Banks
March 2nd, 2017

It’s no secret to anyone managing or sitting on the board of a Canadian mining company: in recent years, a startling litany of accusations of human rights abuses, including such serious crimes as murder, rape, slave labour and environmental destruction, … Continue reading

Every port is a storm

Business and personal productivity is booming thanks to embedded technology and the growing interconnectedness of our devices. The down side? The security vulnerabilities are a hacker’s dream
By Jonathan Woods
December 15th, 2016

These days, whenever a well-known public company suffers a major data breach, bulletins and news alerts circulate quickly among most boards and the governance community. But in October, when a botnet army of hijacked network-connected surveillance cameras, Wi-Fi routers and … Continue reading

The last phase of CEO succession? A new board

CEO succession and board renewal are typically seen as separate concerns. In fact, a comprehensive review of board composition—creating “Board 2.0”—is the last, best act directors can do for a new CEO
By Beverly Behan
December 15th, 2016

Good work! Your board has completed a robust CEO succession process and everyone’s confident about your choice of a new corporate leader. He/she has now spent about a year assembling an outstanding executive team and either confirming or changing the … 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

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Economy

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

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

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Insider

Bidding up change

Insider: Elena Mayer
March 2nd, 2017

Who Elena Mayer, president and CEO of Women Who Rock (WWR), a volunteer organization that facilitates mentoring and sponsorship opportunities to help women establish and advance careers in mining. Involvement Mayer, a lawyer and MBA whose day job is senior … Continue reading

Fintech: growing up fast

Insider: Jesse McWaters
December 15th, 2016

Who Jesse McWaters, financial innovation lead at the World Economic Forum in New York. McWaters, a Canadian, heads WEF research on fintech, manages its council on the future of blockchain, and coauthored its influential 2015 “Future of Financial Services” report. … Continue reading

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

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