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CDNX RELEASES SURVEY RESULTS OF EMERGING COMPANY GOVERNANCE PRACTICES
JUNE 26, 2001 (CALGARY) --The Canadian Venture
Exchange (CDNX) and Deloitte & Touche have released the first-ever survey results of
the corporate governance practices of emerging issuers.
The survey, conducted by Deloitte & Touche, polled CDNX issuers on their current
governance practices and provided them an opportunity to make recommendations on how to
improve corporate governance for smaller issuers.
"This is the first survey of its kind to specifically address the practices of
smaller issuers," says Matt Bootle, director of accounting standards for CDNX.
"The feedback from our listed companies was very clear, CDNX issuers want to practice
good governance, but are looking for approaches that are relevant to small issuers."
The survey was distributed to all active Tier 1 and Tier 2 CDNX issuers, which includes
some 1,800 listed companies. More than 50 per cent of the survey respondents had either
less than $5 million in total assets or $1 million in annual revenues.
Copies of the survey results can be downloaded from the
CDNX Web site at www.cdnx.com.
BACKGROUND ON CORPORATE GOVERNANCE SURVEY
Summary of key findings:
- CDNX issuers acknowledge the importance of good corporate governance and would welcome
tools and assistance in developing their governance structures.
- CDNX issuers insist that corporate governance approaches be relevant to small issuers.
Survey facts:
- The CDNX Corporate Governance Survey was the first governance survey of CDNX issuers and
first survey to specifically address the governance practices of smaller issuers.
- CDNX will use the survey results as a guide when reviewing the Saucier Committee’s
final report, due in September 2001.
- The survey requested suggestions from issuers on how CDNX could help them improve
governance practices.
- Project of CDNX and Deloitte & Touche.
Corporate governance defined:
Corporate governance refers to the way the business affairs of an issuer are managed
and include:
- An effective system of accountability by management to the board and by the board to
shareholders;
- Systems for making information available and reviewing decisions;
- Protection for shareholder interests and, in the circumstances where there is a
significant shareholder, a protection of minority shareholder interests.
History of Canadian Governance Surveys:
- 1994Where were the Directors?
- 1999Five Years to the Dey, Report on Corporate Governance
- 2001Joint Committee on Corporate Governance
- 2001CDNX Corporate Governance Survey
Current CDNX policy:
CDNX policy 3.1 addresses corporate governance requirements and is available online, at
http://www.cdnx.com/Listing/CorpFinancePPManual |
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