Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 4 - Minutes of Proceedings

OTTAWA, Thursday November 6, 1997
(6)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:00 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kirby, Oliver and Stewart. (6)

In attendance: From the Parliamentary Research Branch, Library of Parliament, Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Financial Executives Institute of Canada:

Mr. Peter D.P. Donovan, Vice-Chairman.

From the Canadian Bar Association:

Mr. P. André Gervais, President;

Ms. Alison Manzer, Chair, Committee on Financial Institutions Legislative Reform; and

Mr. John D.V. Hoyles, Executive Director.

From the Canadian Institute of Chartered Accountants:

Mr. Ross Walker, Chairman, Legal Liability Task Force; and

Mr. Peter Wilkinson, Acting Vice-President, Communications and Government Affairs.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of professional liability. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Donovan made an opening statement and then answered questions.

Messrs Hoyles and Gervais and Ms Manzer made opening statements and then answered questions.

Mr. Walker made an opening statement and then answered questions.

At 12:35 p.m. the committee went in camera to discuss its draft report.

At 1:25 p.m. the committee adjourned to the call of the Chair.

ATTEST:

Paul Benoit

Clerk of the Committee