The CEOs, CFOs, officers and directors are participating in TSX Venture Exchange's Success Workshop, a two-day program focused on the most important aspects of public company management. The program's goal is to provide practical applications for emerging companies listed on TSX Venture Exchange around their public company responsibilities to ensure they maintain credibility and build investor confidence, allowing them to graduate to more senior markets and increase the chance of achieving their business plans.
"There has never been more pressure on companies at all levels to meet the tough test of investor confidence," said Linda Hohol. "Emerging companies are faced with many challenges - from finding board members to the cost of complying with 13 different sets of provincial securities regulations - and it's our goal at TSX Venture to help these CEOs tackle them properly, so they can become tomorrow's success stories. That's why we have created the Success Workshop for CEOs across the country."
"Small business owners like the ones I've met today, are the most important source of employment in our province," said Minister Flaherty. "With programs like this Success workshop and the many programs offered by the Ontario government to help new businesses get off the ground, I believe we can ensure the continued economic success of this province."
Success workshops are being held in major markets across the country. These workshops are part of a larger Success program devoted to providing insight and useful training in the elements of being a public company.
Among the topics the Success Program for CEOs covers are:
- An introduction to corporate governance, which tackles issues such as selection of directors, board composition, current developments in Canada's corporate governance practices;
- An overview of the various securities laws that exist across the country; shareholder communications, including how to deal with shareholder meetings; disclosure, including due diligence and business planning;
- Common deficiencies in financial statements; and,
- Continuous disclosure requirements on TSX Venture Exchange.
"The research results echo comments that I have heard many times from our clients. Canada's complex set of regulatory frameworks is causing the going public process to be too costly," said Hohol. "We are taking the results seriously and are considering policy changes, in addition to our ongoing consultation with the securities commissions."
Findings showed that the bulk of the listing costs come from legal fees, with accounting fees following close behind. The legal fees are caused by multi-jurisdictional rules and keeping up with all of the rapid changes that resulted from the market re-alignment over the last few years.
Ipsos Reid conducted two focus groups in May with securities lawyers and senior executives of listed companies in Calgary. The second phase of the study involved 300 interviews with senior executives of junior listed companies, 50 lawyers and 25 accountants.
