MONTRÉAL, Aug. 17, 2015 - The Canadian Society of Corporate Secretaries ("CSCS") handed out the third annual Excellence in Governance Awards/Prix d'excellence en gouvernance at the opening gala of the CSCS' 17th Annual Corporate Governance Conference held at the Queen Elizabeth Hotel in Montréal, Québec, on August 16, 2015. The following winners were selected in these categories:
The CSCS EG Awards recognize the important contribution governance professionals make in terms of best practices that build and sustain shareholder and stakeholder value. The awards underscore the critical role that good governance plays in sustaining the value of Canada's public companies, crown corporations, government agencies, and not-for-profit organizations, contributing to the competitiveness of Canada's economy and its capital markets.
The final award winners were selected by a jury panel composed of seasoned and well-respected governance experts from across Canada and include:
Geoffrey D. Creighton, President, In-House Counsel Worldwide Gigi Dawe, Principal, Research Guidance and Support Leader, Corporate Oversight and Governance, Chartered Professional Accountants of CanadaSylvia Groves, President and Creative Director, Governance StudioDr. Richard Leblanc, Associate Professor, Law, Governance and Ethics, Faculty of Liberal Arts and Professional Studies, York UniversityCarrie Mandel, Partner, Legal, Compliance and Regulatory Practice, Spencer StuartPaul Schneider, Head of Corporate Governance, Public Equities, Ontario Teachers' Pension PlanElizabeth Watson, QC, Founder and President, Watson Inc.Brendan Sheehan, Managing Director, Corporate Governance, Rivel Research GroupHonorary judge, Peter Dey, Chairman, Paradigm Capital Inc.
The Canadian Society of Corporate Secretaries (CSCS) is pleased to announce that, at its annual meeting earlier today, five new directors were elected to its board of directors. With the board being represented by top corporate secretaries and governance professionals, the addition of these new members rounds CSCS’ expertise and national representation. New directors include:
As the organization continues with implementation of its Strategic Plan, the new directors compliment the strong suite of directors currently servicing the board. Continuing directors, re-elected at the annual meeting, include:
Board member bios are available on the CSCS website at http://www.cscs.org
Chairman of the Board, David Masse, paid special thanks to the outgoing directors, Laurel Savoy, who joined the Board in 2002 and Leah Fitzgerald, who joined the board in 2010. Their valued contributions to the organization have been greatly appreciated.
NOTICE IS HEREBY GIVEN THAT an annual meeting (“Meeting”) of members of the Canadian Society of Corporate Secretaries (CSCS) will be held at The Fairmont Queen Elizabeth Hotel, 900 René Lévesque Blvd. West, Montreal, Quebec on Monday, August 17, 2015 at 8:30 a.m. EDT. to conduct the following business:
The documents that relate to this meeting are now available in the "members only" area of the website by clicking here.
CSCS has retained D.F. King Canada as our Proxy Solicitation Agent and CST Trust Company as our Tabulator and Scrutineer. Any questions and requests for assistance may be directed to D.F. King Canada by calling:
North American Toll Free Phone: 1-800-301-9629 Outside North America, call collect: 201-806-7301
Sincerely, Madeleine Bertrand Board Secretary
The Canadian Society of Corporate Secretaries ("CSCS") is pleased to announce the shortlist for the 2015 Excellence in Governance Awards/Prix d'excellence en gouvernance (EGs). We received over 80 nominations this year from organizations across all sectors and the shortlisted nominees, organized by category, are presented below:
We thank the following individuals who volunteered a considerable amount of time and effort in reviewing all of the submissions for the shortlist: Wendy King, Vice President, Legal, Risk & Governance, Capstone Mining Corp.; Jamie Patterson, Corporate Counsel, Group Medical Services; Brendan Sheehan, Founder and President, The Illawong Group, Christine Staley, Director of Professional Development, Canadian Corporate Counsel Association; Sheldon Stener, General Counsel and Corporate Secretary, Federated Co-operatives Limited; Terri Uhrich, Vice President, Legal Affairs, K+S Potash Canada.
The Excellence in Governance Awards final jury panel is composed of seasoned and well-respected governance experts from across Canada and include:
The final award winners will be announced and celebrated on August 16, 2015 in Montreal, Quebec at the CSCS' 17th Annual Conference.
BANFF, August 24, 2014 - The Canadian Society of Corporate Secretaries ("CSCS") is pleased to announce the winners of the second annual Excellence in Governance Awards/Prix d'excellence en gouvernance (EGs).
The winners were announced at the opening gala of the CSCS’ 16th Annual Corporate Governance Conference held in Banff, Alberta, on August 24, 2014.
The following winners were selected in these categories
CSCS would like to acknowledge the contribution of the Canadian Corporate Counsel Association (CCCA) to the shortlisting process and specifically the following judges: Cathy Cummings, Executive Director, Canadian Corporate Counsel Association, Wendy King, Vice President, Legal, Risk and Governance, Capstone Mining Corp, Jamie Patterson, Corporate Counsel, Group Medical Services, Sheldon Stener, General Counsel and Corporate Secretary, Federated Co-operatives Limited andTerri Uhrich, Vice President, Legal Affairs, K+S Potash Canada.
Geoffrey D. Creighton, Senior Vice-President, General Counsel and Secretary and Chief Compliance Officer, IGM Financial Inc. Gigi Dawe, Principal, Research Guidance and Support Leader, Corporate Oversight and Governance, Chartered Professional Accountants of Canada Stephen Griggs, CEO, Smoothwater Capital Corporation Sylvia Groves, President and Creative Director, Governance Studio Richard Leblanc, Associate Professor, Law, Governance & Ethics, Faculty of Liberal Arts and Professional Studies, York University Andrew MacDougall, President, Spencer Stuart Canada Paul Schneider, Manager, Corporate Governance, Ontario Teachers' Pension Plan (OTPP) Elizabeth Watson, QC, Founder and President, Watson Inc. Judging facilitator Brendan Sheehan, Founder and President, The Illawong Group and honorary judge, Peter Dey, Chairman, Paradigm Capital.
The Canadian Society of Corporate Secretaries is recognized as the most important organization for corporate governance professionals in Canada. CSCS strives to enhance the public's awareness of the importance of good governance and to be the voice of corporate governance professionals in Canada. The organization participates with other stakeholders, including capital markets participants, government bodies and regulators, in fostering a governance environment that sets Canada apart in the world. CSCS also supports its membership with continuing education and networking opportunities.
SOURCE: Canadian Society of Corporate Secretaries
For further information:
TORONTO, May 26, 2014 - The Canadian Society of Corporate Secretaries ("CSCS") is pleased to announce the shortlist for the second annual Excellence in Governance Awards/Prix d'excellence en gouvernance (EGs).
Around 60 nominations were received this year from organizations across all sectors and the shortlisted nominees, organized by category, are presented below:
Best sustainability, ethics and environmental governance program
Best use of technology in governance, risk and compliance
Best approach to board and committee support
Best stakeholder engagement by a governance team
Best practices to enhance boardroom diversity
Best practices in strategic planning, oversight and value creation by the board
Best overall corporate governance
CSCS would like to acknowledge the contribution of the Canadian Corporate Counsel Association (CCCA) to the shortlisting judging. We thank the following individuals who volunteered a considerable amount of time and effort in reviewing the submissions: Cathy Cummings, Executive Director, Canadian Corporate Counsel Association, Wendy King, Vice President Legal, Risk & Governance CAPSTONE MINING CORP., Jamie Patterson, Corporate Counsel, Group Medical Services, Sheldon Stener, General Counsel and Corporate Secretary, Federated Co-operatives Limited, Terri Uhrich, Vice President, Legal Affairs, K+S Potash Canada and judging facilitator Brendan Sheehan, Founder and President, The Illawong Group.
The final award winners will be announced and celebrated on August 24, 2014 in Banff, Alberta at the CSCS' 16th Annual Conference.
The Excellence in Governance Awards jury panel is composed of seasoned and well-respected governance experts from across Canada and include:
Geoffrey D. Creighton, Senior Vice-President, General Counsel and Secretary and Chief Compliance Officer, IGM Financial Inc. Gigi Dawe, Principal, Risk Oversight and Governance, National Practice Leader, Governance Strategy and Risk, CICA Stephen Griggs, CEO, Smoothwater Capital Corporation Sylvia Groves, President and Creative Director, Governance Studio Carol Hansell, Founding Partner, Hansell LLP Richard Leblanc, Associate Professor, Law, Governance & Ethics, Faculty of Liberal Arts and Professional Studies, York University Andrew MacDougall, President, Spencer Stuart Canada Paul Schneider, Manager, Corporate Governance, Ontario Teachers' Pension Plan (OTPP) Elizabeth Watson, QC, Founder and President, Watson Inc.
The Canadian Society of Corporate Secretaries is recognized as the most important organization for corporate governance professionals in Canada.
As the principal advocate for those who work in corporate governance, CSCS strives to enhance the public's awareness of the importance of good governance. CSCS is the voice of corporate governance professionals in Canada and participates with other stakeholders, including capital markets participants, government bodies and regulators, in fostering a governance environment that sets Canada apart in the world. CSCS supports its membership with continuing education and networking opportunities that are second to none.
For further information: Lynn Beauregard, President 255-55 St. Clair Avenue West Phone: 416-921-5449 / 1-800-774-2850, Ext 306 Email: lynn.beauregard@cscs.org Website: http://www.cscs.org/EGA
TORONTO, Jan. 8, 2014 - The Canadian Society of Corporate Secretaries ("CSCS") announces that the nominations are now open for the second annual Excellence in Governance Awards/Prix d'excellence en gouvernance (EGs). The highly respected jury will select the winners for the awards which will be announced and celebrated on August 24, 2014 in Banff, Alberta at the CSCS' 16th Annual Conference.
The CSCS EG Awards recognize the important contribution that governance professionals make in terms of best practices that build and sustain shareholder and stakeholder value in Canada. The awards also underscore the critical role that good governance plays in sustaining the value of Canada's public companies, crown corporations, government agencies, and not-for-profit organizations, and in contributing to the competitiveness of Canada's economy and its capital markets.
The Excellence in Governance Awards jury panel is composed of seasoned and well-respected governance thought leaders from across Canada. CSCS has carefully selected the judges to ensure representation from all aspects of the governance community including shareholder representatives, regulatory experts, leading academics and practitioners.
Candidates eligible for nomination include individuals and/or teams of individuals who play a role in the governance of their organizations. The deadline for nominations is April 8, 2014, and the shortlist of finalists for the awards will be announced in June 2014. For more information on the nomination process click here.
CSCS will seek nominations in the following award categories:
November 11,
Delivered by email
British Columbia Securities Commission Alberta Securities Commission Saskatchewan Financial and Consumer Affairs Authority Manitoba Securities Commission Ontario Securities Commission Autorité des marchés financiers New Brunswick Financial and Consumer Services Commission Superintendent of Securities, Prince Edward Island Nova Scotia Securities Commission Securities Commission of Newfoundland and Labrador Superintendent of Securities, Yukon Territory Superintendent of Securities, Northwest Territories Superintendent of Securities, Nunavut
The Secretary Ontario Securities Commission 20 Queen Street West 19th Floor, Box 55 Toronto, Ontario M5H 3S8 Email: comments@osc.gov.on.ca
Anne-Marie Beaudoin Corporate Secretary Autorité des marchés financiers 800, square Victoria C.P. 246, 22e étage Montréal, Québec H4Z 1G3 E-mail: consultation-en-cours@lautorite.qc.ca
Re : Response to the request for comments CSA Consultation Paper 54-401 Review of the Proxy Voting Infrastructure
We preface this response by expressing our appreciation to the Canadian Securities Administrators (CSA) for their continuing efforts to address the serious concerns related to shareholder voting processes. The Canadian Society of Corporate Secretaries (CSCS) is a national association representing corporate secretaries and governance professionals.
The movement to give shareholders a stronger voice in the way Canada’s public companies are governed is a positive trend that benefits both investors and issuers. The question is not whether shareholders ought to have a voice, but rather whether that voice is being heard properly, and whether shareholder votes are being counted properly.
CSCS believes simply that shareholder votes must be counted with the same degree of care and integrity that applies to ownership and dividend rights. We also believe that all shareholders, registered and beneficial alike, deserve equal rights.
CSCS has devoted considerable time and resources to promote a fundamental reform of the rules for shareholder voting:
Progress made to date, in spite of these efforts, has been painfully slow, and the modest progress that has occurred has been disappointing.
As the CSA acknowledge in the request for comments, the shareholder voting system has evolved over time into a highly complex intermediated system. The CSA request for comments focuses on the complexity inherent in the vertical dimension of the shareholder voting process. This is the dimension that allows votes and other shareholder rights to flow from the issuer at one end of the vertical process to the investor at the other end.
The degree of complexity in the vertical axis is matched by an equivalent degree of complexity in the horizontal axis.
On the horizontal axis we find at each layer of the vertical axis numbers of stakeholders who have similar roles. In certain cases collaboration among roles has resulted in some form of integration in the processes applied at that layer. For instance, transfer agents in Canada collaborate as members of the Stock Transfer Association of Canada. At the intermediary level there is similar industry collaboration in the Investment Industry Association of Canada. There are similar associations at most of the horizontal layers; for instance the Canadian Coalition for Good Governance for institutional investors; the Canadian Securities Administrators for securities regulators; and so on.
It is quite apparent that there are gaps in the collaboration that militate against meaningful progress. To mention one of those gaps, at the regulatory level, there does not appear to be sufficient engagement between the CSA and their regulatory counterparts on the corporate law side.
Also absent from the field is the Bank of Canada. To some degree the problems experienced in the shareholder voting process are a symptom of a settlement and clearing deficiency for which the Bank of Canada has traditionally played a central leadership role, yet there is no evidence that these issues are on the Bank of Canada’s radar screen.
Any attempt to address the serious shortcomings of the current processes requires, as the request for comments points out, a “holistic” approach. CSCS emphatically agrees with that assessment. The comprehensive approach that CSCS advocates is one that addresses not only the vertical dimension of complexity, but also its horizontal axis. CSCS believes that anything less will fail to lead to significant improvements in the process.
CSCS advocates a comprehensive approach to reform with the following salient features:
CSCS acknowledges that the challenge presented by the approach we advocate is substantial. It is important for stakeholders to bear in mind however that the ultimate objective is a very modest one: to ensure that shareholder votes count with the same degree of integrity that applies to other shareholder rights like dividends for instance.
Canada is not the only country experiencing challenges when it comes to shareholder voting. We could seize the opportunity to be the first country to tackle the issue in a straightforward and intelligent way to deliver effective reform, as well as industry-leading processes.
Regulators, who coexist in horizontal silos similar to other stakeholders, have a key role, perhaps the key role to play. It is unfortunate that the regulators have yet to come together on this issue.
The CSA, the provincial and federal regulators who determine corporate law and policy, and the Bank of Canada have a responsibility to lead the way by entering into a meaningful collaboration to address shareholder voting processes.
Effective shareholder voting is one of the cornerstones of effective governance and healthy capital markets. The CSA’s primary responsibility is to protect Canadian investors and to regulate the functioning of Canada’s capital markets. That mandate led the CSA in its pioneering efforts to address shareholder voting processes. It is clear however that the CSA cannot succeed in resolving the current problems without engaging with other regulators in a concerted way.
The request for comments asks two key questions:
Is accurate vote reconciliation occurring within the proxy voting infrastructure?
The answer to this question at the present time cannot be anything other than “no”. There are some processes currently in place that seek to reconcile shareholders, issuers, and votes, but none could be called “end-to-end.”
What type of end-to-end vote confirmation system should be added to the proxy voting infrastructure?
For “end-to-end” to have any real meaning, the system has to reconcile voting from the shareholder to the issuer, and it has to happen for all shareholders. At the present time that is not occurring.
Information technology has been the key enabler that allowed the capital markets to grow in scope, pace and volume of transactions in the recent past. It has done so by forsaking paper-borne processes in favour of machine-borne processes. Given the timing constraints of shareholder meetings, given the large number of shareholders, given the sheer volume of information and transactions that must flow to enable shareholders to vote effectively, there is no longer any room for paper-borne processes.
It is time to adopt end-to-end digital processes for shareholder voting, that is to say, to dematerialize the entire voting process. With digitization, there will be a sound basis for end-to-end vote reconciliation, for the audit of processes and transactions, for quality assurance, and for greater timeliness.
Some aspects of the current dysfunction, in particular the impact of share lending on the quality of the shareholder vote, will be very difficult to deal with effectively unless the process is dematerialized. There is evidence at the present time that certain institutional shareholders are now reluctant, or have completely ceased, to lend their portfolios because share lending interferes unduly with the ability to exercise voting rights. What will be the impact on the capital markets if more and more institutional shareholders follow suit?
Information technology is a powerful enabler and can support robust processes that accomplish objectives that paper-borne systems are incapable of achieving. For instance, if all data flows for voting information were normalized:
The foregoing only begins to scratch the surface of possibilities could emerge as the fruit of dematerialization and fundamental reform in the voting process.
Next Steps
The request for comments seeks guidance on next steps.
CSCS strongly advocates the following next steps:
Without a disciplined process and milestones to judge progress, it will be very difficult or impossible to make any significant improvements.
We at CSCS will continue to do our best to advance the cause of reform and to work will all stakeholders to achieve that objective. We encourage all stakeholders to come forward to share their concerns, to discuss avenues for reform, and to collaborate to address these concerns.
On a final note, the request for comments at footnote 58 notes that unresolved over-reporting situations occurred in at least 17% of meetings. At the CSCS annual governance conference in Halifax this past August, Computershare provided updated statistics that showed 17.02% for 2011, 22.70% for 2012 and 25.71% for 2013.
These metrics are truly a cause for concern and they reveal a troubling and worrisome trend. All the more reason to marshal vigorous efforts to address these important issues.
Yours truly,
David Masse Chairman of the Board
On October 3, 2013, the Canadian Society of Corporate Secretaries ("CSCS") submitted a comment letter to the Ontario Securities Commission (OSC) in response to their request for comments on their Staff Consultation Paper 58-401: Disclosure Requirements Regarding Women on Boards and in Senior Management.
As the principal advocate for those who work in the front lines of corporate governance, CSCS strives to enhance the public's awareness of the importance of good governance. CSCS is the voice of governance professionals in Canadaand participates with other stakeholders, including capital markets participants, government bodies and regulators, in fostering a governance environment that sets Canada apart in the world. CSCS also supports its membership with continuing education and networking opportunities.
In preparation for this response CSCS undertook a consultation with our members at open sessions held inVancouver, Calgary and Toronto in mid-September.
The CSCS member consultations were well attended, and small, mid and large-cap issuers were all represented. The comments provided in our letter represent the general views of members who participated in the consultations for a course of action that is believed to be both effective and not overly prescriptive.
CSCS applauds the OSC for addressing the critical issue of gender diversity on boards and in senior management of Canadian publicly traded corporations (Corporations). Our members believe that achieving gender diversity is a positive step towards greater diversity and we encourage the OSC to consider further diversity initiatives that will encourage corporations to work towards including under-represented groups in senior management and on their board of directors.
Our members felt that best practice guidelines, together with mandated disclosure, are the ideal combination - allowing a Corporation to determine the appropriate path for it to reach gender diversity and ensure transparency to stakeholders. Members who participated in the consultations were divided in their views as to whether Corporations should be required to: (i) disclose their approach to gender diversity with reference to such best practice guidelines, explaining any differences ("comply or explain") or (ii) satisfy certain minimum best practice guidelines including a target percentage of 20% to 40% to be achieved over a five year or longer period.
It was felt that most Corporations should be able to:
Requiring Corporations to explain their self-governing approach to implementing gender diversity practices in their senior management and on their boards will result in clear and useful disclosure (rather than boilerplate language) and provide stakeholders with good information on each Corporation's views and commitments to creating gender diversity within their own organization.
A copy of our comment letter can be found by clicking HERE.
Lynn Beauregard, President 255-55 St. Clair Avenue West Phone: 1-416-921-5449, Ext 306 Email: lynn.beauregard@cscs.org www.cscs.org
October 03, 2013
Delivered by email The Secretary Ontario Securities Commission 20 Queen Street West 22nd Floor Toronto, Ontario M5H 3S8 Fax: 416-593-2318 Email: comments@osc.gov.on.ca The Canadian Society of Corporate Secretaries (CSCS) focuses on good corporate governance and reporting practices, shareholder communications, and effective board administration. It is within our scope of interest to engage with Canadian securities regulators to represent the views of CSCS and those of our Members in matters of regulator concern. We are pleased to have the opportunity offered by the OSC to respond to the request for comments on OSCP 58‑401. We applaud the OSC for addressing the critical issue of gender diversity on boards and in senior management of Canadian publicly traded corporations (Corporations). Although there is research to be quoted on both sides of this issue, there is significant emerging evidence that gender diverse management teams and boards are equipped with a greater range of skills, perspectives and experience that foster clear judgment in both the common place and complex situations facing today’s corporations. Member Consultation In preparation for this response CSCS undertook a consultation with our Members at open sessions held in Vancouver, Calgary and Toronto. The consultations were well attended and small, mid and large cap issuers were all represented. The comments provided herein represent the general views of our Members who participated in the consultations for a course of action that is believed to be both effective and not overly prescriptive. We believe that it is the responsibility of each Corporation to manage its internal processes and that each board of directors is the most knowledgeable about its business and industry practices to determine its policies and targets with respect to realization of effective gender diversity. Approach to Achieving Gender Diversity Quotas are particularly undesirable. Quotas may result in under-qualified directors being appointed merely to comply with regulatory requirements, to the detriment of a well-functioning board. Simply, quotas ensure quantity, but not quality. Best practice guidelines, together with mandated disclosure, are the ideal combination – allowing a Corporation to determine the appropriate path for it to reach gender diversity and ensure transparency to stakeholders. Members who participated in the consultations were divided in their views as to whether Corporations should be required to: (i) disclose their approach to gender diversity with reference to such best practice guidelines, explaining any differences (“comply or explain”) or (ii) satisfy certain minimum best practice guidelines including a target percentage of 20% to 40% to be achieved over a five year or longer period. In either case, we expect that most Corporations would be able to:
Requiring Corporations to explain their self-governing approach to implementing gender diversity practices in their senior management and on their boards will result in clear and useful disclosure (rather than boilerplate language) and provide stakeholders with good information on each Corporation’s views and commitments to creating gender diversity within their own organization. Board and Management Disclosure It is essential to require disclosure on gender diversity both at the board level and for the senior management team. In addition, preparing internal female candidates for senior management roles begins to prepare them for board service which assists in increasing the pool of available female director candidates. Specific usage of the “named executive officer” definition may be overly narrow and may not provide a true picture of women in senior management in organizations. Corporations should be required to choose and disclose a definition of “senior executive” and report the percentage of women at that level of management. The disclosure should be required to narrate how the Corporation encourages gender diversity throughout the organization and what programs it incorporates to develop its female workforce. Developing Women for Future Board Roles Members noted that an often heard concern is that the pool of appropriate female candidates for board positions is too small. This is, at least in part, a mere excuse to avoid the issue of achieving gender diversity. The real problem is not that the pool of well-qualified candidates is too small but that, although significant in size, the pool is generally unfamiliar to and untapped by Corporations. A critical issue in any board candidate identification and appointment is culture and chemistry. This is no less an issue when identifying female candidates. However, female director candidates are likely to be less known to an existing board and therefore remain undiscovered or be less comfortable option. Corporations should examine and disclose the means by which they intend to identify female candidates for board appointment. Venture Companies CSCS and a majority of Members, including those employed by venture issuers, who participated in the consultation process, agree that the OSC should not limit its policies on gender diversity to non-venture issuers. Unlike many regulations that have a significant financial burden associated with compliance, the issue of gender diversity presents no more of a hardship for venture issuers than it does for non-venture issuers. In some circumstances compliance is less of a burden as venture issuers tend to have smaller boards and smaller management team. Therefore, they will therefore be searching for fewer female director and executive candidates. Engaging women in senior management and on boards of venture issuers will result in an increased pool of candidates, who will gain their experience as venture issuers grow into mid-size and larger cap non-venture issuers. It also engrains good board practices early in a Corporation’s life. Broader Diversity Finally, achieving gender diversity is a positive step towards greater diversity and we encourage the OSC to consider further diversity initiatives that will encourage Corporations to work towards including under-represented groups in senior management and on the board of directors. CSCS thanks the OSC for this opportunity to share our comments and those of our Members on OSCP 58-401. We look forward to the implementation of effective and appropriate gender diversity requirements for all Canadian publicly traded corporations. Please contact the writer for additional information or to answer any questions on the consultation process. Sincerely, Lynn Beauregard President Canadian Society of Corporate Secretaries
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