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

Issue 2 -- Minutes of Proceedings

OTTAWA,Tuesday, April 23, 1996
(4)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day, in camera, at 10:05 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the Committee present: The Honourable Senators Angus, Austin, P.C., Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Meighen, St. Germain, P.C., Simard and Stewart. (11)

In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government.

Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada.

The committee reviewed draft reports on Corporate governance.

At 12:05 p.m. the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Tuesday, April 30, 1996
(5)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 10:05 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the Committee present: The Honourable Senators Angus, Kirby, Perrault and Stewart. (4)

In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government.

Also present: The official reporters of the Senate.

WITNESSES:

From Reed Stenhouse Ltd:

Mr. Bruce A. Malcolm, Director.

Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular into the question of corporate governance.

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

At 11:20 a.m. the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Tuesday, April 30, 1996
(6)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 6:05 p.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the Committee present: The Honourable Senators Angus, Kelleher, P.C., Kirby, Perrault, P.C. and Stewart. (5)

In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Office of the Superintendent of Financial Institutions:

Mr. Nick Le Pan, Assistant Superintendent, Policy Sector; and

Mr. John R. Thompson, Assistant Superintendent, Operations.

From the Bank of Canada:

Mr. Charles Freedman, Deputy Governor.

From the Department of Finance:

Mr. Douglas R. Wyatt, General Counsel, General Legal Services.

Pursuant to the Order of Reference adopted by the Senate on Tuesday, April 30, 1996, the Committee considered Bill C-15, An Act to amend, enact and repeal certain laws relating to financial institutions.

Mr. Le Pan made an opening statement and then, along with Messrs Thompson, Freedman and Wyatt answered questions.

It was agreed, -- THAT Bill C-15 be adopted and reported without amendment to the Senate.

It was also agreed, -- THAT the Chairman would bring to the Chamber's attention the Committee's displeasure with the form of Bill C-15 which contains a separate Bill within the Bill.

The committee then proceeded in camera to consider future business.

At 8:15 p.m. the committee adjourned to the call of the Chair.

ATTEST:

Paul Benoit

Clerk of the Committee