Senate Banking Committee Speaks On Corporate Governance.

Mondaq Business Briefing, August, 2003

On June 19, 2003, yet another voice was added to the growing debate regarding Canada's corporate governance framework. Specifically, the federal Senate Committee on Banking, Trade and Commerce released a report following its study of the likelihood of corporate scandals of the type seen in the United States occurring in Canada and, more importantly, of how such scandals might be avoided. Given the initiatives in this area being announced by various regulatory bodies, including the Ontario Securities Commission (the "Commission") and the Toronto Stock Exchange, there is some potential for confusion in the regulation of corporate governance in Canada. The Committee stated:

"The Committee is fully aware of the actions taken recently by a number of stakeholders in Canada,...