Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 29 - Minutes of Proceedings
OTTAWA, Monday, October 5, 1998
(52)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 5:00 p.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Callbeck, Joyal, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Kroft, Meighen, Oliver, Stewart and Tkachuk (12).
Other senator present: The Honourable Senator Di Nino (1).
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 Insurance Bureau of Canada:
Mr. George L. Cooke, Chair, Bank/Insurance Steering Committee of the Insurance Bureau of Canada and President and Chief Executive Officer of the Dominion of Canada General Insurance Company;
Mr. George D. Anderson, President and Chief Executive Officer of the Insurance Bureau of Canada; and
Mr. Mark Yakabuski, Vice-President, Government Relations.
From the Insurance Brokers Association of Canada:
Mr. Mike Toole, President;
Mr. Jim Ball, President-elect;
Mr. Robert Ballard, Vice-President;
Ms Mabel Samson, Executive Director; and
Mr. Dan Tessier, Public 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 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. Cooke made an opening statement and then, along with Mr. Anderson and Mr. Yakabuski, answered questions.
Mr. Toole made an opening statement and then, along with the other witnesses, answered questions.
The committee moved in camera to discuss future business.
At 8:30 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Tuesday, October 6, 1998
(53)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Callbeck, Joyal, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Kroft, Meighen, Oliver, Stewart and Tkachuk (12).
Other senators present: The Honourable Senators Di Nino and Kinsella (2).
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.
Note: The Honourable Senator Joyal refrained from participating in the session with Great-West Life Assurance Company.
WITNESSES:
From the Great-West Life Assurance Company:
Mr. Ray McFeeters, President and Chief Executive Officer;
Ms Sheila Wagar, Senior Vice-President, General Counsel and Secretary; and
Mr. Allan Edwards, Senior Vice-President and Chief Actuary.
From the Sun Life Assurance Company Canada:
Mr. Don Stewart, President and Chief Executive Officer; and
Mr. Christopher Barry, Assistant Vice-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.)
Mr. McFeeters made an opening statement and then, along with Allan Edwards and Sheila Wagar, answered questions.
Mr. Stewart made an opening statement and then, together with Mr. Barry, answered questions.
At 12:05 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Tuesday, October 6, 1998
(54)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 1:00 p.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Callbeck, Joyal, P.C., Kelleher, P.C., Kirby, Kolber, Kroft, Meighen, Oliver, Stewart and Tkachuk (11).
Other senator present: The Honourable Senator Di Nino (1).
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 AGF Management Ltd, Mackenzie Financial Corp. and Trimark Investment Management Ltd:
Mr. Blake C. Goldring, President and Chief Operating Officer, AGF Management Limited;
Mr. Jim Hunter, President, Mackenzie Financial Corporation; and
Mr. William C. Harker, Senior Vice-President, Trimark Financial Corporation.
From TelPay:
Mr. W.H. Loewen, President.
From the Canadian Institute of Chartered Accountants:
Mr. Graeme K. Rutledge, Chair, CICA Financial Institutions Reform Study Group;
Ms Sylvia Smith, Director, Accounting Standards; and
Ms Diana R. Hillier, Director, Auditing Standards.
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. Goldring made an opening statement and then, along with Messrs Hunter and Harker, answered questions.
Mr. Loewen made an opening statement and then answered questions.
Mr. Rutledge made an opening statement and then, along with Ms Smith and Ms Hillier, answered questions.
At 4:00 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Gary Levy
Clerk of the Committee