Transparency, Accountability and Public Trust
Chairman, honourable members, thank you for the opportunity to appear before this committee as you consider Bill C-24, an act to amend the Canada Elections Act and the Income Tax Act with respect to political financing. This is an important piece of legislation, one that goes to the heart of good governance in a democratic society. The business community has been engaged in some deep soul-searching over the past couple of years on the question of how to improve corporate governance and restore the faith of investors and of the public in the workings of financial markets. But good public governance also matters, and any perception that corporate donations to political parties buy access or influence policy undermines public trust in both government and business. The rule of law, free speech, fair elections, an independent judiciary and an honest and competent public service: these are the building blocks of democracy. […]
Prosperity, Freedom and Security: Renewing Canada’s Commitment to Multilateral Trade Liberalization
WORLD TRADE POLICY AT THE CROSSROADS The world is at a crossroads in trade policy. We can take the road to greater liberalization and harmony in multilateral relations, or we risk moving back into a world governed by power politics. For a smaller, trade-dependent economy like Canada, the preferred path is obvious. Only a multilateral rules-based system can provide the predictability and security that Canadian businesses need in order to flourish both at home and in the global economy. And especially at a time when sharp divisions on issues of security are undermining the effectiveness of other international institutions, it is vital to demonstrate that the multilateral path is indeed the best way to advance the human condition around the world. As members of the Canadian Council of Chief Executives, we affirm our commitment to forging Canadian positions that will both reinforce our country’s economic competitiveness within the global economy […]
Comments on the Uniform Securities Legislation Project
Dear Mr. Sibold, I am writing to follow up on the discussions you have had with David Stewart-Patterson, Senior Vice President, Policy of the Canadian Council of Chief Executives, and to confirm the Council’s strong support for the Uniform Securities Legislation (USL) Project. The work being done under your leadership by the Canadian Securities Administrators has vital implications both for Canada’s future as a financial marketplace and for the ability of Canadian enterprises to gain access to the capital they need to grow. I therefore would like to take this opportunity to stress the reasons for the Council’s sense of urgency on the issue of securities regulation and to offer some general comments on your recently published Blueprint for Uniform Securities Laws for Canada. There are three reasons for the intensity of the Council’s desire to see a rapid evolution toward the goal you describe of an efficient, effective, streamlined […]
Business Leaders Express Confidence in Health of Canada’s Communities, Launch Review of Emergency Procedures
The Executive Committee of the Canadian Council of Chief Executives has issued a statement expressing full confidence in the measures taken by Canadian health authorities to handle the Severe Acute Respiratory Syndrome (SARS) virus and vowing to help minimize the damage done by the outbreak to Canada’s economy. The statement also announces the launch of a Council initiative to review emergency response procedures and to work with governments in determining how the private sector could most effectively contribute to the handling of future threats to the health and security of Canadians. The full text of the statement is attached. The Council is composed of the chief executive officers of 150 leading Canadian corporations. Its members head companies that administer in excess of $2.1 trillion in assets and have annual revenues of more than $500 billion. The members of the Executive Committee are: Chairman Richard L. George, President and Chief Executive […]
Competing for Investment, Competing for Talent
Good information about labour markets matters to all Canadians. It helps individuals make smart choices about when to invest in further training and whether to move in search of greater opportunities. It helps employers determine how much they need to invest in training, and where to invest in new and expanded operations. And it helps communities from coast to coast to shape their brands and to refine their pitches in the never-ending struggle to attract the new investment that drives growth in jobs and incomes. The challenge faced by everyone in this room is to figure out what information about labour markets is most relevant and how best to collect and report this information to Canadians. This has never been an easy task. But what I want to suggest to you this morning is that your job will become even more challenging in future. And this is because the range […]
Canadian Council of Chief Executives Establishes CEO Action Group to Drive North American Initiative
The Canadian Council of Chief Executives (CCCE) has established a 30-member CEO Action Group on North American Security and Prosperity. This group of chief executives from leading Canadian enterprises will drive the North American Security and Prosperity Initiative launched by the Council in January 2003. Among the members of the Council’s CEO Action Group are: Derek Burney, President and Chief Executive Officer, CAE; Tony Comper, Chairman and Chief Executive Officer, BMO Financial Group; Travis Engen, President and Chief Executive Officer, Alcan Inc.; Michael Grimaldi, President, General Motors of Canada Limited; Hal Kvisle, President and Chief Executive Officer, TransCanada PipeLines Limited; Jacques Lamarre, President and Chief Executive Officer, SNC-LAVALIN Group Inc.; Ronald N. Mannix, Chairman, Coril Holdings Ltd.; Gwyn Morgan, President and Chief Executive Officer, EnCana Corporation; Don Pether, Chief Executive Officer Designate, Dofasco Inc; and Robert J. Ritchie, President and Chief Executive Officer, Canadian Pacific Railway. “Terrorism on a global […]
The North American Security and Prosperity Initiative –
Background, Questions and Answers
The North American Security and Prosperity Initiative – Background, Questions and Answers
Tax Measures Welcome, But Spending Pattern Jeopardizes Longer-Term Fiscal Health, Business Leaders Say
The elimination of the federal capital tax and other tax reductions in the 2003 budget will have a positive impact on Canada’s competitiveness and growth, but the budget’s huge spending increases jeopardize Canada’s longer-term fiscal prospects, says the Canadian Council of Chief Executives (CCCE). “Eliminating the capital tax removes a major disincentive to business investment in this country,” said Council President and Chief Executive Thomas d’Aquino. While he said he was mystified by the decision not to remove the parallel levy on financial institutions, he also praised Finance Minister John Manley’s commitment to a comprehensive review of existing program spending. “I have to note, however, that even if program review achieves its goal of reallocating $1 billion from old programs to new needs, it will fund just a small fraction of the new commitments being made in this budget,” Mr. d’Aquino said. Among other positive measures announced in the budget, […]
Survey of Chief Executives Suggests Broad
Support for Reform of Political Party Financing
A survey of the members of the Canadian Council of Chief Executives (CCCE) shows broad support among the heads of major Canadian corporations for measures to reform the financing of political parties. However, the responses also suggest some concern with certain aspects of the federal financing reform legislation introduced last week. “In the public and private sectors alike, good governance matters, and any perception that corporate donations to political parties buy access or influence policy undermines public trust in both business and government,” said the Council’s President and Chief Executive, Thomas d’Aquino. Responses to the survey suggest a strong consensus on the need for full disclosure. Fully 90 percent of respondents agreed with the statement: “All contributions for a political purpose (in cash or in kind, to parties, riding associations or leadership campaigns) should be reported publicly.” By a margin of two to one, respondents also agreed that donations from […]
You Can Run, But You Cannot Hide:
Transparency and Disclosure in Corporate Governance
The new expectations of corporate governance sweeping across the world are based on a simple reality — you can run, but you cannot hide. Inquisitive eyes and ears of governments and regulators, analysts and money managers, customers and NGOs, journalists and whistleblowers are everywhere. Communication is instant. Analysis follows quickly. And the market’s judgment can be swift and brutal.In short, anything a company does anywhere in the world can affect its reputation everywhere in the world. Reputation has become the cornerstone of both investor confidence and public trust. What happens to a company’s reputation therefore has an increasingly direct impact on its relationships with everyone from governments and regulators to customers, employees and investors.The growing demand for transparency is reinforcing the role of the market as the primary driver of good corporate governance. Failure to follow acceptable standards of governance can hurt both a company’s business and its share price. […]
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