While Europe and Canada continue to weigh the pros and cons of SOX, particularly on the issue of rules versus principles regimes, it is clear from recent announcements by the Ontario Securities Commission that significant changes are on the way.
Ralph McLeod, Chair of the Canadian Foundation for Investor Education is welcoming spirited debate on the issues and hopes it will culminate September 8 at the Sheraton Centre in downtown Toronto. "This symposium aims to move beyond the headlines, and perhaps beyond corporate governance itself, to address issues of national competitiveness in a global market," said Mr. McLeod.
The symposium aims to focus on corporate governance as an instrument of national competitiveness. It will respond to the following questions: What will the impact of the new corporate governance landscape be on how competitive companies, nations, and economies can be? How can we improve the openness and growth of capital markets in the face of these reforms and the global challenges corporate governance has highlighted? And, what can market participants do to ensure a forward-looking, productive, transatlantic dialogue on the need to accommodate national differences in market regulation?
The one-day investigation is an unprecedented opportunity to hear from all the major jurisdictions in the new corporate governance debate, as key decision makers and experts from Canada, the U.S., Europe, and Australia will be on hand in Toronto. Entitled "Competing Globally, Regulating Nationally: Competitive Governance in a Global Market," the symposium is hosted by the Canadian Foundation for Investor Education, in association with the University of Alberta School of Business. It will take place at the Sheraton Centre in downtown Toronto.
Barbara Stymiest, CEO, TSX Group, and Dr. Benn Steil, Director of International Economics at the Council on Foreign Relations in New York, will each give a keynote presentation. Ms. Stymiest has been at the forefront of the debate on corporate governance, and Dr. Steil's recent work on a "mutual recognition system" between exchanges on both sides of the Atlantic offers at least one way to move "beyond SOX."
The symposium's international line up of speakers also includes: Michael Percy, Dean, University of Alberta School of Business; Randall Morck, Professor of Finance, University of Alberta School of Business; Peter Wallison, American Enterprise Institute, Washington, D.C.; Karen Hamilton, Australian Stock Exchange; Paul Arlman, Federation of European Securities Exchanges; Randall Powley, Ontario Securities Commission; Richard Balfour, Torys LLP (Toronto); Florencio Lopez-de-Silanes, Yale University; Bernard Yeung, New York University.
The symposium is sponsored by TSX Group; Market Regulation Services Inc.; the Canadian Society of Corporate Secretaries; and the Institute of Chartered Secretaries in Canada.
This is the third symposium in CFIE's series on Canada's capital markets. According to CFIE Chair Ralph McLeod, "without an open, inclusive discussion of the issues facing Canada's capital markets, we can't ensure the future health and vitality of our economy. This series is designed to engage those who can lead change in that discussion."
As Dean Michael Percy of the University of Alberta puts it, "We have long understood that concepts of governance need to be crafted to span both cultural and geographic distances. The idea that governance can or should be competitive is timely. We at the University of Alberta School of Business believe that principles of good governance can deliver a competitive advantage. The Canadian experience provides many examples."
To register:
On line, by mail, or by fax, go to: www.tsx.com (under Events on home page), to www.bus.ualberta.ca, or go directly to https://secure.inorbital.com/CFIE.
Canadian Foundation for Investor Education
CFIE is a national, charitable organization dedicated to increasing interest, knowledge and understanding of issues important to Canadian investors and capital markets. The Foundation seeks to create a forum for the exchange of ideas and information. For more information on CFIE, go to www.tsx.com ("About Us" then "Education") or send a note to cfie@tsx.com or symposium@tsx.com
University of Alberta School of Business
Established in 1916 as a school of accountancy, the University of Alberta School of Business is a research-intensive, full-service business school. Our 16,000 Bcom, MBA and PhD graduates are actively involved in the business and public-policy fabric of Alberta and Canada. For more information go to www.bus.ualberta.ca .
