Unlike the iron fist of communism, capitalism's incidents of harm (recall the mugging in Central Park) result not from government oppression but from the nature of freedom itself. Misguided newspaper columns notwithstanding, in theory, practice and historical record, between capitalism and communism, there's no comparison.
Do you recognize any of these red flags? On a board or in a company of which you serve? Allegations of wrongdoing can put assets and reputation at risk. Regulators have enormous power, and are focusing their sights much more on the role a board plays, or does not play, in overseeing the affairs of the company.
One critical difference between a well-functioning city-state on the periphery of East Asia -- or a country like Canada -- and China, is the degree to which rules are predictable and enforced. Obvious or not, those tempted to bend or break the rules should recall such distinctions, as should the rest of us.
I recently served on a governance awards judging panel assembled by the Canadian Society of Corporate Secretaries (CSCS). Winners of the awards were announced at this organization's annual conference in Halifax last month. I participated in a plenary discussion to discuss some of the winning practices.
Boards should revitalize, as the American economy (and the world) is dependent on it. But they need to do so in a way that puts their own interests and reputations at risk. They need to be ruthless in recreating - and think only of the best interests of their enterprises. They need to "person proof" in other words, which is the theme of the NACD conference.
There is merit to Peter Munk's position. If shareholders truly believe in pay for performance, then it is equally important to attract and motivate executive talent in a downturn as it is in an upturn. This means, paradoxically, that a compensation committee will pay out more, in spite of low stock price, and rein in executive pay during an upturn.
B.C. taxpayers should be grateful to John Doyle for his persistent, hard-nosed work over the past six years. And perhaps six years is too short of a term, but renewal should not be an option. Now it's time for another watchdog to come in and give issues fresh eyes and a fresh voice, just as Doyle built on the work of previous auditors general.
When interests between management and shareholders become adverse, even through the regular course of events, it is important for boards to have their own set of lawyers who are independent from management and seen as objective and willing to act in the interests of directors, not management, and ultimately shareholders.
We'll drive, copilot, change the tunes, serve up the beverages, adjust the heat and ensure government doesn't fall asleep... but someone has to open the doors so we can get in the car. Unlock the doors of government and let citizens in, that is the mantra of imagineCalgary, now firmly in the hands of hardened bureaucrats. The language of imagineCalgary is not their mother tongue and they are struggling with just the basic translation, let alone the incredibly lofty and epic targets found within the imagineCalgary tome.
There is a civil discussion that is transparent and being debated publicly in Egypt. That is a case for celebration after decades of an autocracy. Nevertheless, there has been too much conversation on the role of Islam and not enough on the prerogatives of political powers. Not to belittle the problems, here are some of the issues of current debate.
I was one of the lucky few who was invited to attend a rare opportunity to have a roundtable discussion with former UN Secretary General Kofi Annan who was in Toronto for an exclusive speaking engagement as part of an ongoing speakers series. Annan answered our questions which covered various hot button topics including the ways towards a successful society, Iran, Romney and China. Here is what he said.