Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 38 - Minutes of Proceedings
TORONTO, Wednesday, November 4, 1998
(75)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in the Royal Sutton Ballroom, Sutton Place Hotel, Toronto, the Chair, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Austin, P.C., Hervieux-Payette, Kelleher, P.C., Kenny, Kirby, Kroft, Meighen, Oliver, and Tkachuk. (9)
Other senator present: The Honourable Senator Poy.
In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerry Goldstein, Director Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.
Also present: The official reporters of the Senate.
WITNESSES:
From The Mutual Group:
Mr. Robert Astley, Chief Executive Officer; and
Mr. Frank Bomben, Government Relations Manager.
From the Canadian Association of Financial Institutions in Insurance:
Mr. H. Dunbar Russel, President and Chief Executive Officer, Toronto Dominion Life Insurance Company;
Mr. Bernard Dorval, Executive Vice-President, Canada Trust; and
Mr. Isaac Sananes, Chief Executive Officer, Canadian Premier Life Insurance Company.
From Manulife and Canadian Life and Health Insurance Association:
Mr. Dominic D'Alessandro, President and Chief Executive Officer, Manulife Financial; and
Mr. Mark Daniels, President, Canadian Life and Health Insurance Association Inc.
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 the Task Force on the Future of the Canadian Financial Services Sector. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)
Mr. Astley made an opening statement and then, along with Mr. Bomben, answered questions.
Mr. Russel made an opening statement and, with Messrs. Dorval and Sananes, then answered questions.
Mr. D'Alessandro made an opening statement and then, along with Mr. Daniels, answered questions.
At 12:30 p.m. the committee adjourned to the call of the Chair.
ATTEST:
TORONTO, Wednesday, November 4, 1998
(76)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 1:00 p.m. in the Royal Sutton Ballroom, Sutton Place Hotel, Toronto, the Chair, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Kelleher, P.C., Kenny, Kirby, Kroft, Meighen and Tkachuk. (6)
Other senator present: The Honourable Senator Poy.
In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerry Goldstein, Director Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.
Also present: The official reporters of the Senate.
WITNESSES:
From the Canadian Association of Retired Persons:
Ms Lillian Morgenthau, President;
Dr. Bill Gleberzon, Associate Executive Director; and
Ms Judith Cuttler, Director of Public Relations.
From Newcourt:
Mr. David F. Banks, Executive Chairman; and
Mr. John Sadler, Executive Vice-President, Corporate Affairs.
From the Canadian Institute of Actuaries:
Mr. Stuart Wason, President-Elect;
Ms Hélène Pouliot, Councillor; and
Mr. Allan Brender, Member, Task Force on Insurance Legislation.
From BDO Dunwoody Chartered Accountants:
Mr. Glenn C. Agro, Senior Partner.
From Dundee Bancorp Inc.:
Mr. Ned Goodman, Chairman, President and Chief Executive Officer, Dundee Bancorp Inc.; and
Mr. Donald K. Charter, Chairman, President and Chief Executive Officer, Dundee Securities Corporation.
From Calmeadow:
Mr. Martin Connell, President.
From Heraclitus Corp.:
Mr. Howard M. Greenspan, President.
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 the Task Force on the Future of the Canadian Financial Services Sector. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)
Ms Morgenthau made an opening statement and then answered questions.
Mr. Banks made an opening statement and then, along with Mr. Sadler, answered questions.
Mr. Wason made an opening statement and then, along with Ms Pouliot and Mr. Brender, answered questions.
Mr. Agro made an opening statement and then answered questions.
Mr. Goodman made an opening statement and then answered questions.
Mr. Connell made an opening statement and then answered questions.
Mr. Greenspan made an opening statement and then answered questions.
At 5:30 p.m. the committee adjourned to the call of the Chair.
ATTEST:
Gary Levy
Clerk of the Committee