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for general information purposes only and Chartered Secretaries
Canada, ICSA Canada, the ICSA Committee for Canada and their
affiliates make no representations or warranties as to its accuracy
or completeness. Readers should be aware the content of this
publication should not be regarded as legal, tax, accounting,
investment, financial or other professional advice nor is it
intended for such use.
F&C
governance experts warn against passivity of sovereign funds (The
Herald)
Thu, 14 Feb 2008 00:08:11 GMT
Corporate governance experts at fund manager F&C Asset
Management are turning their attention to sovereign wealth funds
after seeing a wave of money from the government-controlled bodies
invested in Western companies.
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Compensation:
Price war (Canadian Business)
09:55
3/18/2008
Hired help
isn’t as cheap as it used to be, especially at the management
level. The real average hourly earnings of managers during the past
decade grew by 20%, four times the average increase for other
private sector employees, according to Statistics Canada.
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CSX
Slams Activist Shareholder (Forbes)
Fri, 15 Feb 2008 06:51:48 GMT
Railroad says Children's Fund more interested in takeover than good
governance.
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Firms
do better if obey governance rules (Reuters)
Wed, 27 Feb 2008 00:40:00 GMT
Companies with best corporate governance practices yield higher
returns for shareholders than their poorly governed peers such as
troubled mortgage lender Northern Rock, new research showed on
Wednesday.
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FRC
consults on cost-effective regulation (Accountancy Age)
Tue, 11 Mar 2008 10:13:32 GMT
The regulator is consulting the profession on ways in to improve
the cost-effectiveness of regulation that it issues without
compromising the achievement of high standards of corporate
reporting and governance. The
deadline for comments on the issue is 31 May 2008.
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Canadian Withholding Tax Eliminated
Legislation was passed effective January 1, 2008 to eliminate
withholding tax on interest paid (other than
participating debt interest as defined in the Income Tax Act) to all
arm’s-length non-residents of Canada. This is in
expectation that the fifth protocol to the Canada-U.S. Tax Treaty
would be ratified sometime this year. With the elimination of this
tax, outside lenders have more incentive to invest in Canada, and as
a result borrowers in Canada will have greater access to funds with
expected lower borrowing costs and less restrictive loans.
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Canadian Securities Administrators (CSA) seeking input for how
Canadian public companies disclose information about compensation
paid to executives
The Canadian Securities Administrators (CSA) has announced they
are seeking further comment on the proposed repeal and substitution
of Form 51-102F6 Statement of Executive Compensation. The
comment period is open until April 22, 2008
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Quebec Budget Highlights – Certain Measures Concerning Businesses
Quebec Finance Minister Monique
Jérôme-Forget
tabled the 2008-2009 budget of the government of
Quebec
on Thursday, March 13, 2008. This budget contains a number of
measures having a direct effect on the taxation of businesses
carried on in
Quebec with
a summary of certain principal tax measures applicable to businesses
and cross-border workers.
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Deadline extension for Direct Registration
System
The February issue of Inform notes that at the last minute, the
deadline for Direct Registration System (DRS) eligibility was
extended from Jan. 1, 2008, to March 31, 2008. In August
2006, the U.S. stock exchanges amended their listing rules for all
U.S.-listed securities, including those of Canadian incorporated
issuers, so as to require that all such securities be
DRS-eligible by Jan. 1, 2008. By the end of 2007, 7,018 listed
securities had met this requirement, with 1,461 of those issuers
electing to be eligible but not participating. However, despite the
best efforts of issuers and their transfer agents, approximately 225
issuers were not able to meet the deadline - many for reasons beyond
their control. According to the Depository Trust Company’s (DTC)
website, to allow these companies to become fully compliant and to
avoid investor confusion, the U.S. exchanges received approval from
the U.S. Securities and Exchange Commission (SEC) to extend the
deadline. However, it seems that any issuers not in compliance by
March 31, 2008, may be subject to sanctions.
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