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 BusinessJanet 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?”

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