10th Annual Corporate       Governance Conference2012 Key Issues and Trends and What ReallyHappens Inside the BoardroomIns...
2Agenda         This slideshow can be downloaded from         Slideshare: www.slideshare.com/drrleblanc         or email P...
3Agenda   The emerging trends and issues herein   should not be viewed as a question of   whether you or your board will b...
4AgendaØ  1. Board Composition;Ø  2. Unprecedented Regulatory Intervention;Ø  3. Governance of Executive Compensation;Ø...
The Financial Crisis and Aftermath                                5                                     Copyright © 2011 R...
The New Governance Normal (2012-14)                            6                 2012	                                  Co...
7Two Important Reports n    Widespread failures in financial regulation;   n    High risk lending; n    Dramatic breakd...
Research, Teaching and Practice                          8                                  Copyright © Richard Leblanc.  ...
What does governanceResearch and Practice failure look like?                                   9Corporate governance is ab...
1. Board Composition: Diversity (global)                                                     10 n  Diversity     = Number...
Board Diversity: Private Ordering                          11 Broad strategic    role and     industry   knowledge	       ...
Movement to Competencies: Financial Regulators                                             12                             ...
Director Independence & Competencies                                              13n  Independence     and reasonable pe...
Retirement AgeBeing a Director on a Control Block Board                       14      Then it is moved and seconded    tha...
Governance Assessment & Third Party Reviews                                          15                                   ...
Legal and Regulatory Update                                                            16                                 ...
Legal and Regulatory Update RiskWhite Collar Crime & Corruption                                                      17   ...
Governance of Executive Compensation                                                           18        Source: Basel (Ma...
Malus and Risk Adjusted Metrics                                                       19 n  Clawbacks:     82% of compani...
Use of Peer Groups – University of Delaware                                        20n  Disclosure,   scorecard & law of ...
Dodd-Frank: Independent Directors & Advisors                                          21 We wanted an independent consulta...
Oversight of Risk Management                                                                                              ...
Ex: Top 15 Risk ManagementOversight ofERM-related Risks, York University                                            23    ...
Oversight of Risk – Your Tools to Customize 24Internal Controls Management, continued                 §  Segregation of d...
Proper Internal Audit and Controls                                             25 n  Independent; n  Compensation; n  S...
26  ERM Risk of Risk – Your Tools continued  Oversight Register Template to Customize  Comprehensive Risk Governance  Inte...
Weaknesses of Risk Management                                                         27n     Risk takers & compensation ...
Comprehensive Risk Governance                                                                               28            ...
29Non-Financial Risks, Assurance: What’s coming? n  Governance      of non-financial risks;   n    Committee(s)? Board? ...
30Shareholder Activism and Value Creation n  The   “compliance” board vs. strategy and value add; n  Money   being “left...
Shareholder Engagement                                                               31n    Shareholder engagement:      ...
End to End Vote Confirmation                                                      32 n    University of Delaware Report a...
Looking to the Future                                                                     33n  Elections;     LSUC; YUFA;...
Conflicts of Interest and Transactions                                          34 n  Oversight   and special committees ...
Political Governance and Contagion                              35                           G-7	n Contagion             ...
SM & Governance: Power of a Single Tweet 36Boardroom Technology – Trends & Touchpointsn  Browserseclipsed by ipads overwh...
SM & Governance: Power of a Single Tweet                                  37n    Exponentially interconnected;n    Brand...
38CEO Succession Planning and Entrenchment n  Outsiders   cost more and perform worse, evidence  indicates; n  Resistanc...
39Board Dynamics: Boardrooms of the future                                     Copyright © 2011 Richard Leblanc.          ...
Board Dynamics and Behaviour                                                     40                        Chair Leadershi...
Board Dynamics: Governance Red Flags                                      41n  Bully   CEO;n  Disengaged        Director...
Red Flags, continued                                               42n Integrityand information/transparency issues;n St...
Governance Disclosure                                                           43n  Canadian     regulator: unacceptable...
Thank you!Comply or Explain Regime                                                                            44n  CSA   ...
Contact Information                                                                 45 Professor Richard Leblanc Faculty o...
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Dallas keynote2012leblanc

  1. 1. 10th Annual Corporate Governance Conference2012 Key Issues and Trends and What ReallyHappens Inside the BoardroomInstitute for Excellence in Corporate GovernanceUniversity of Texas at DallasOctober 4, 2012Dallas, TexasRichard Leblanc, PhDAssociate Professor, Law, Governance & Ethics,York University
  2. 2. 2Agenda This slideshow can be downloaded from Slideshare: www.slideshare.com/drrleblanc or email Prof Richard Leblanc at rleblanc@yorku.ca and Richard will gladly provide you with a copy. Copyright © 2011 Richard Leblanc. All rights reserved.
  3. 3. 3Agenda The emerging trends and issues herein should not be viewed as a question of whether you or your board will be affected, but rather when and how, given your company and industry. “S-Ox is kindergarten compared to this.” ~ NACD director webinar, 2011. Copyright © 2011 Richard Leblanc. All rights reserved.
  4. 4. 4AgendaØ  1. Board Composition;Ø  2. Unprecedented Regulatory Intervention;Ø  3. Governance of Executive Compensation;Ø  4. Oversight of Risk Management;Ø  5. Shareholder Activism and Value Creation;Ø  6. Conflicts of Interest in the Boardroom;Ø  7. Political Governance and Contagion;Ø  8. Information Technology;Ø  9. CEO Succession Planning; andØ  10. Boardroom Dynamics. Copyright © Richard Leblanc. All rights reserved.
  5. 5. The Financial Crisis and Aftermath 5 Copyright © 2011 Richard Leblanc. All rights reserved.
  6. 6. The New Governance Normal (2012-14) 6 2012 Copyright © 2011 Richard Leblanc. All rights reserved.
  7. 7. 7Two Important Reports n  Widespread failures in financial regulation; n  High risk lending; n  Dramatic breakdowns in governance; n  Regulatory failure; n  Ill prepared policy makers who did not n  Inflated credit ratings; understand; n  Abuses / conflicts of interest by n  Systemic breaches in accountability and investment banks; ethics; Copyright © 2011 Richard Leblanc. All rights reserved.
  8. 8. Research, Teaching and Practice 8 Copyright © Richard Leblanc. All rights reserved.
  9. 9. What does governanceResearch and Practice failure look like? 9Corporate governance is about decision-making and power. Copyright © 2011 Richard Leblanc. Copyright © All rights reserved.
  10. 10. 1. Board Composition: Diversity (global) 10 n  Diversity = Number one corporate governance issue ; n  Broader than women: : visible minority, aboriginal, disability, military n  Four approaches to board gender diversity: n  Nothing, US, Australia (600%é), Quebec/Norway n  EU: 40% proposed: US ~ 15%; n  Women make better monitors; n  Strategic & broad business/P&L; n  India, UK, Ma, Sg, HK: ~ 9-10 year cap; n  Competency / skills matrix; Copyright © Richard Leblanc. All rights reserved.
  11. 11. Board Diversity: Private Ordering 11 Broad strategic role and industry knowledge Copyright © Richard Leblanc. All rights reserved.
  12. 12. Movement to Competencies: Financial Regulators 12 Copyright © Richard Leblanc. All rights reserved.
  13. 13. Director Independence & Competencies 13n  Independence and reasonable person test;n  Financial regulators moving on competencies now;n  Tenure limits & link renomination to peer review;n  Interlocking directors;n  Service providers;n  Personal relations + data;n  Shareholders and control person, vs. minority. Copyright © 2011 Richard Leblanc. All rights reserved.
  14. 14. Retirement AgeBeing a Director on a Control Block Board 14 Then it is moved and seconded that the compulsory retirement age be advanced to ninety-five. Copyright © 2011 Richard Leblanc. All rights reserved.
  15. 15. Governance Assessment & Third Party Reviews 15 Copyright © 2011 Richard Leblanc. All rights reserved.
  16. 16. Legal and Regulatory Update 16 SEC Chair many n Proxy Access Rule 14a-11 struck down; of business ethics problems n Whistle-blowing & bounties ; severe enough to be investigated – Protected mechanism people have confidence in individuals n UK Bribery Act & corruption risk; succumbing to peer pressure n Internal Pay Equity and ratio (to come); n PFP (to come) & “realized” pay; n Bank Governance & FSB/Basel; n  More regulation: separate deposits from proprietary trading; Copyright © 2011 Richard Leblanc. All rights reserved.
  17. 17. Legal and Regulatory Update RiskWhite Collar Crime & Corruption 17 SEC Chair many n Proxy Access struck down; has a reputation This city, this province, this country of business ethics problems severe of being the best location to carry out white collar n Whistle-blowing & bounties ; enough to be crime, corporate fraud, in the industrializedinvestigated – world. Protected mechanism people have confidence in individuals n UK Bribery Act & corruption risk; Source: Spencer Lanthier, recipient of the ICDsuccumbing to peer- Niko Resources: 9.5M (June 11)fellowship, peer pressure adjudicated CFPOA n Internal Pay Equity and ratio (to9, 2011. ICD Fellowship Awards Gala, June come); n Pay for Performance (to come); n Bank Governance & OSFI Guidelines; n  OSC Staff Notice 54-701 and NP 58-201; Copyright © 2011 Richard Leblanc. Copyright © All rights reserved.
  18. 18. Governance of Executive Compensation 18 Source: Basel (May 11), Europe (Dec 10) and FDIC (Feb 11) Copyright © 2011 Richard Leblanc. All rights reserved.
  19. 19. Malus and Risk Adjusted Metrics 19 n  Clawbacks: 82% of companies (Equilar); n  Consultants: comparables vs too complex ; n  Ex adjustment (quant and qualitative); n  Deferral and explicit ex post adjustment; n  Malus; n  Case examples: quantitative/formulaic, absolute, corporate, short-term, vs. qualitative, relative, personal, long-term: balanced weightings, stretch, discretionary, risk adjustment, tailored & independent; Copyright © 2011 Richard Leblanc. All rights reserved.
  20. 20. Use of Peer Groups – University of Delaware 20n  Disclosure, scorecard & law of unintended consequences;n  Business model of compensation firms and peer groupings; at 50, 75, 90th percentile;n  Perpetual, compounded 17% increase;n  Lack of ranking of CEO performance; backdoor;n  Stewardship of Assets ; 483rd ranking; credible threat?n  Significant disparity to wage of average worker; coddle ; n  Regulators, boards, shareholders, have not solved; Copyright © 2011 Richard Leblanc. All rights reserved.
  21. 21. Dodd-Frank: Independent Directors & Advisors 21 We wanted an independent consultant, and thereare none. ~Ken Feinberg, Sept. 24 2011 to academics at Wharton conferencen  Duty to client paramount;n  Comp. Committee & consultant independence;n  Remuneration code (UK);n  Cost will increase (like audit);n  Independence of Special Committees;n  Independence of Advisors; Copyright © 2011 Richard Leblanc. All rights reserved.
  22. 22. Oversight of Risk Management 22 Customers We missed it. Suppliers • Customers sales Human Financial • Supply • Planning • Reliability Resources • Risk Management - Insurance • Pricing • Availability of Skilled Staff • Risk Management - Interest Rates • Quality • Relationships • Perf/Rewards Alignment • Risk Management – Foreign Exchange • Relationships • Contracts • Workforce management • Investments • Billing • Standards and • Communications • Financing • Logistics Expectations • Morale and Job Satisfaction • Tax Strategies • Customer viability • Leadership Strategic • Debt Compliance • Salary Inflation • Lease Compliance • Innovation • Strategic Planning • Acquisitions • Liquidity/Cash Flow • Knowledge Assets • Capital Investment • Divestitures/Closures • Credit/Bad Debts • Empowerment • Corp. Organization • Manufacturing Strategy Rating • Training • R&D • Functional Location • Financial Planning & ModelingAgencies• Maxtor credit Integrity Operations Accounting &• Vendor terms • SG&A (guarantees, • Safety • Environmental Compliance • Capital Projects Reporting • Management Fraud advance • Govt. Compliance • Quality • SEC Reporting payments) • Employee/Theft/Fraud • Reliability • Customer Credits/Rebates • Operating Costs • Inventory Management • Management Reporting • Illegal Acts • Sales and Marketing • Procurement • Statutory Reporting • Resource Misuse • Contract Compliance • Capacity Planning • Financial Forecasts • Ethics • Engineering • Tax Accounting & Reporting • Repair Services • Brand Image • Performance Management • Analyst Communications • Tone At The Top Information Technology Environment • Reputation • Access • Political • Availability • Legal • IP Protection • Information Relevance • Regulatory • Continuity• Business Interruption • System Integrity• ExternalTheft/Fraud/ • Technology Infrastructure Technology Illegal Acts • Tech Development & Integration • IT & Business Strategic Alignment • Product • Business Practices Competitors • Outsourcer Management Obsolescence • Cost Control Copyright © 2011 Richard Leblanc. Source: N. Marks All rights reserved.
  23. 23. Ex: Top 15 Risk ManagementOversight ofERM-related Risks, York University 23 We missed it. Government Customers1.  • Customers sales Policy Risk. 9.  Human Organization Structure Risk. Financial Suppliers • Supply • Planning • Reliability Resources • Risk Management - Insurance • Pricing • Availability of Skilled Staff • Risk Management - Interest Rates • Quality Competitor Risk. • Relationships2.  • Contracts • Perf/Rewards Alignment • Workforce management 10.  • Risk Management – Foreign Exchange Performance Measurement • Investments • Relationships • Billing • Standards and • Communications • Financing • Logistics • Tax Strategies Expectations • Morale and Job Satisfaction • Leadership Risk. Strategic • Debt Compliance3.  Change Readiness Risk. • Customer viability • Salary Inflation • Innovation • Strategic Planning • Acquisitions • Lease Compliance • Liquidity/Cash Flow • Knowledge Assets • Capital Investment • Divestitures/Closures • Credit/Bad Debts Rating • Empowerment • Corp. Organization • R&D11.  HR Academic Risk. • Manufacturing Strategy • Functional Location • Financial Planning & Capital Availability Risk. • Training Modeling4. Agencies• Maxtor credit Integrity Operations Accounting &• Vendor terms • Safety 12.  Reputation Erosion Risk. • SG&A Reporting5.  Leadership Risk. (guarantees, advance • Management Fraud • Employee/Theft/Fraud • Environmental Compliance • Govt. Compliance • Reliability • Capital Projects • Quality • Customer Credits/Rebates • SEC Reporting payments) • Management Reporting • Inventory Management Strategic Labour Relations • Operating Costs • Illegal Acts • Sales and Marketing13.  • Procurement • Statutory Reporting6.  HR Non-Academic Risk. • Resource Misuse • Contract Compliance • Capacity Planning • Financial Forecasts • Ethics Risk. • Engineering • Repair Services • Tax Accounting & Reporting • Brand Image • Performance Management7.  StudentTone At The Top •  Satisfaction Risk. Information Technology • Analyst Communications Environment • Reputation 14.  Enrolment Targets Risk. • Access • Political • Availability • Legal • IP Protection • Information Relevance 8.  Communications Risk. • Regulatory • Continuity• Business Interruption 15.  Resource Allocation Risk. • System Integrity• ExternalTheft/Fraud/ • Technology Infrastructure Technology Illegal Acts • Tech Development & Integration • IT & Business Strategic Alignment • Product• Business Practices Competitors • Outsourcer Management Obsolescence • Cost Control Copyright © 2010 Richard Leblanc. 2011 Source: N. Marks All rights reserved.
  24. 24. Oversight of Risk – Your Tools to Customize 24Internal Controls Management, continued §  Segregation of duties §  Restricted areas §  Approvals §  Reconciliations §  Record retention §  Safeguarding and asset accountability §  Management override §  Manual controls §  Data Security §  IT, inventory and other controls; §  Areas of vulnerability and fraud schemes; Source: R.Basel (May 10), Europe (Dec 10) and FDIC (Feb 11) Source: Leblanc, Assessment methodology for audit committees Copyright © 2011 Richard Leblanc. All rights reserved.
  25. 25. Proper Internal Audit and Controls 25 n  Independent; n  Compensation; n  Stature / Hiring / Firing; n  Work plan approved; n  Link to Audit Committee ~ Executive Sessions; n  Gross to residual risk for all material business risks; n  Testing design and effectiveness of all Internal Controls; Copyright © 2011 Richard Leblanc. All rights reserved.
  26. 26. 26 ERM Risk of Risk – Your Tools continued Oversight Register Template to Customize Comprehensive Risk Governance Internal Controls Management, 26 Board of Directors §  Segregation of duties Inherent Risk Risk Residual Risk After §  Overall I.R. Overall R. §  Restricted areasUniversity Before Response Management Response AccountabilityStrategic Risk CEO Rating Strategy & R. Rating & Action Before AfterDirection Points of Required S-Ox Proba Response Proba- Response §  Approvals Basel/King Impact Reliance ImpactUniversity IT Dodd-Frank -bility 4- 5- Reduce bility 3- 4- Complete plan §  ReconciliationsStrategic Infrastructure Likely Major ICT Possible Major Develop &Directions will not Foundational implement EA supportCC GA, SF RAP Document college & ? Record retention §  Comp. University ITS Unit Plan admin unit initiatives plans including Data Use Policy Audit (p. 9) Nom/Gov. Etc. contingency & §  Safeguarding and asset accountability Risk recovery Committee Committee Committee • Etc. (or equivalent) (or equivalent) (or equivalent) §  Management override IA ICFR §  Manual controls High ICNFR Critical importance to the success of the University in meetings its financial and non-financial goals CFO Data Security § SHRO Moderate CS, GC CRO Important but not critical to the success of the University in meetings its financial and non-financial goals §  IT, inventory and other controls; Committee Charter Coverage Risk does not have a material bearing to the success of the §  Areas of vulnerability and fraud schemes; Low University in meetings its financial and non-financial goals Material financial and non-financial business risks & IC reporting Source: Basel (May 10), Leblanc, Audit Committee Review Source: R. Europe (Dec 10) and FDIC (Feb 11) Source: University of Saskatchewan Copyright © 2010 Richard Leblanc. 2011 All rights reserved.
  27. 27. Weaknesses of Risk Management 27n  Risk takers & compensation assurance – see new banking reforms; Externaln  Non-financial risks and ICNFR: Internal Assurance Assurance operations, technology, reputation, health, safety, security; MGMT Certif.n  Management knows the risks; Integrated Mapped Assurancen  Board: Top Risk Families n  Protect Internal Assurance; n  Complete, coordinated, independent assurance; Copyright © 2011 Richard Leblanc. All rights reserved.
  28. 28. Comprehensive Risk Governance 28 Board of Directors CEO S-Ox Dodd-Frank Basel/KingEA CC GA, SF RAP Audit Committee (or equivalent) Comp. Committee (or equivalent) Nom/Gov. Committee (or equivalent) Risk ? IA CFO SHRO CS, GC CRO Committee Charter Coverage Material financial and non-financial business risks & IC reporting Copyright © 2011 Richard Leblanc. All rights reserved.
  29. 29. 29Non-Financial Risks, Assurance: What’s coming? n  Governance of non-financial risks; n  Committee(s)? Board? Integrated reporting, agendas, workplans so all families of material risks assured and reported; n  Assurance mapping over all business risks, internal controls and compliance; n  “Integrated” reporting: Big4 see as annuity; n  Board expertise in sustainability / stakeholder relations; n  Incorporate non-financial leading indicators (customer satisfaction, employee engagement, culture) into compensation metrics; Copyright © 2011 Richard Leblanc. All rights reserved.
  30. 30. 30Shareholder Activism and Value Creation n  The “compliance” board vs. strategy and value add; n  Money being “left on the table”; n  Director selection: industry expertise and value creation; n  Elevating strategy: full understanding of business model, causation & KPIs; n  Responding to activists and your duty; n  Activists may know more about your company than you do: this should not be the case; n  Engaged, focused, results-oriented & disciplined board and chair; Copyright © Richard Leblanc. All rights reserved.
  31. 31. Shareholder Engagement 31n  Shareholder engagement: 1  active monitoring of companies, 2  engaging in dialogue with the board, 3  using shareholder rights, including voting and cooperation with other shareholders;n  Majority voting, say on pay and proxy access: ICD, CCGG debate (1 April 2011);n  Shareholder stewardship codes / obligations;n  Say-on-pay as engagement catalyst (EU);n  Dual class vs. minority shareholders (EU); Copyright © 2011 Richard Leblanc. All rights reserved.
  32. 32. End to End Vote Confirmation 32 n  University of Delaware Report and The Quality of the Shareholder Vote in Canada n  Timely. n  Accessible. n  Accurate. n  Certain. n  Cost-effective..nessCSCS leadership Copyright © 2011 Richard Leblanc. All rights reserved.
  33. 33. Looking to the Future 33n  Elections; LSUC; YUFA; disenfranchisement;n  Obligation will be on issuers to invest in technology and websites – to enable meaningful shareholder coordination and proxy seeking (EU);n  Obligation on intermediaries to have ICs and address CoI;n  If you do not engage, dissident shareholder will;n  Cost-effective and pull technology intelligence; n  This area will be regulated in the future; Copyright © 2011 Richard Leblanc. All rights reserved.
  34. 34. Conflicts of Interest and Transactions 34 n  Oversight and special committees / independence; n  Boardshave considerable latitude in self-governing conflicts; n  Conflicts among shareholders, directors, control persons; n  Conflicts by proxy advisors – SEC now studying; n  Company Code of Conduct, monitoring and enforcement; n  Mechanism for oversight by the Board; Copyright © 2011 Richard Leblanc. All rights reserved.
  35. 35. Political Governance and Contagion 35 G-7 n Contagion Copyright © 2011 Richard Leblanc. All rights reserved.
  36. 36. SM & Governance: Power of a Single Tweet 36Boardroom Technology – Trends & Touchpointsn  Browserseclipsed by ipads overwhelming winner, with no close second – 86% of Fortune 500 (WSJ);n  Paperless boardroom (example) n  Exponentially interconnected; 3-9 month hybrid;n  Brand, reputation, ICs;n  To come: written consent, annotation, highlighting; voice recognition; gestures ; n  Email, press clippings slow, limiting, outdated;n  IT on director matrix; n  Independent analytics (2 ex.);n  Director experience: interactive dashboard with n  collaboration, mobility, security, transparency; Communications, IR, public policy, SM ;n  Cybercrime: lack of knowledge, controls: you are n  being, or will be hacked at some point; Gender/age effects (ex.);n  Social media policy: controls vs opportunity; Copyright © 2011 Richard Leblanc. All rights reserved.
  37. 37. SM & Governance: Power of a Single Tweet 37n  Exponentially interconnected;n  Brand, reputation, ICs;n  Email, press clippings slow, limiting, outdated;n  Independent analytics (2 ex.);n  Communications, IR, public policy, SM ;n  Gender/age effects (ex.); Copyright © 2011 Richard Leblanc. All rights reserved.
  38. 38. 38CEO Succession Planning and Entrenchment n  Outsiders cost more and perform worse, evidence indicates; n  Resistance by incumbent; n  Average board: 2 hours per year; n  Lack of immediate successor: 39% of companies; investors demanding n  Steps: document skills and experience profile; pick model, have planned-for succession; n  Boards increasing say in assurance and C-Suite; Copyright © 2011 Richard Leblanc. All rights reserved.
  39. 39. 39Board Dynamics: Boardrooms of the future Copyright © 2011 Richard Leblanc. All rights reserved.
  40. 40. Board Dynamics and Behaviour 40 Chair Leadership Board-Management CEO Posture Relationship Board Dynamics Undue Influence Director Behaviour IT & Reporting Copyright © Richard Leblanc. All rights reserved.
  41. 41. Board Dynamics: Governance Red Flags 41n  Bully CEO;n  Disengaged Directors;n  Cliques / factions;n  Weak Chair;n  Board denial;n  Body language;n  Undue influence over compensation;n  Inadequate risk, internal controls;n  Lack of / ineffective Internal Audit; Copyright © 2011 Richard Leblanc. All rights reserved.
  42. 42. Red Flags, continued 42n Integrityand information/transparency issues;n Stakeholder Directors;n Micro-Managing Directors;n Tone at top and ethical reporting;n Poor CEO / executive succession planning;n Non renewal of Directors;n Happy face questionnaires; andn Lackof governance disclosure and transparency; Copyright © 2011 Richard Leblanc. All rights reserved.
  43. 43. Governance Disclosure 43n  Canadian regulator: unacceptable ;n  Stakeholder communication will be via visual, digital media, not paper, email or even in person;n  Meetings and voting will be digital;n  Boardroom disclosure is a missed opportunity by many companies: Inferences are made;n  Accessibility, mobility, interconnectedness is up and cost is down;n  Crisis planning – media is primary reputation risk now; Copyright © 2011 Richard Leblanc. All rights reserved.
  44. 44. Thank you!Comply or Explain Regime 44n  CSA Staff Notice 58-306 (Dec10): unacceptable ;n  EU Submission Source: Basel (May 10), Europe (Dec 10) and FDIC (Feb 11) Copyright © 2011 Richard Leblanc. Copyright © All rights reserved.
  45. 45. Contact Information 45 Professor Richard Leblanc Faculty of Liberal Arts & Professional Studies York University tel: (416) 736-2100 x 33744 Email: rleblanc@yorku.ca Twitter: http://twitter.com/DrRLeblanc Blog: http://www.canadianbusiness.com/author/richardleblanc http://ca.linkedin.com/in/rwleblanc LinkedIn Group: Board Advisors Copyright © Richard Leblanc. All rights reserved.

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