June 23 2008

A major event in American corporate governance has been the launch of The Icahn Report, the personal blog of American Billionaire Carl Icahn. Recent postings include such titles as “Corporate Democracy is a Myth”, “Absurdity of Corporate Board Elections”, and “About CEOS- Survival of the Unfittest”.

In Canada, Stephen Griggs is appointed Managing Director of the Canadian Coalition for Good Governance. On implications of the BCE decision. Crackdown on Nortel execs, as fraud charges are laid. On CCBE’s SMEs findings, and our plans for future work in this direction.

Catalyst releases latest stats on women in Canada’s boardrooms: ”The 2007 Catalyst Census of Women Board Directors of the FP500: Voices from the Boardroom reveals the old boys’ network is alive and well and continues to exclude women. Directorships tend to be handed out informally, and it is this network that is typically tapped for new blood, so say the findings. In other words, it’s who you know, not necessarily what you know that counts.” Catalyst’s news release here.

June 6 2008

Much coverage of an address yesterday by Jeffrey Orr, CEO of Power Financial Corporation, on the topic of corporate governance.  Report on Business‘ Janet McFarland reports, “Mr. Orr defended the rights of controlling shareholders to oversee their investments, arguing that corporate governance guidelines published by Canada’s securities commissions blindly promote a “paint by numbers” approach that doesn’t take into account the different ways companies are run.” The Financial Post considers Orr’s assertion that ” companies will refuse to go public or could seek a listing outside Canada if regulators follow through with rules that limit board participation by controlling shareholders.” Terence Corcoran considers, “The rights of shareholders: Nice phrase, important concept, the foundation of a market economy based on corporations. Why, then, has our system of corporate governance been overtaken by ideas that aim to undermine those rights?”