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

Issue 13 - Minutes of Proceedings

OTTAWA, Wednesday, February 19, 2003
(22)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 1:33 p.m. this day, in room 257, East Block, the Chair, the Honourable Leo Kolber, presiding.

Members of the committee present: The Honourable Senators Banks, Hubley, Kelleher, P.C., Kolber, Meighen, Oliver, Prud'homme, P.C., and Tkachuk (8).

In attendance: June Dewetering, Research Officer, Parliamentary Research Branch, Library of Parliament.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 23, 2002, the committee continued its examination into the present state of the domestic and international financial system with particular emphasis on the Canadian perspective to the ENRON collapse. (See Issue No. 1, October 23-24, 2002, for full text of the Order of Reference.)

WITNESSES:

From KPGM LLP Canada:

Bill MacKinnon, Chief Executive Officer;

Axel Thesberg, Partner in Charge, Professional Standards;

Peter Sahagian, General Counsel.

As an individual:

Peter Dey, Partner, Osler, Hoskin & Harcourt LLP.

From Grant Thornton Canada:

Alex MacBeath, Chief Executive Officer;

Michel Lavigne, Chair of the Board;

Don Thomson, National Director of Professional Standards.

From Ernst & Young LLP:

Christine Sinclair, Partner, Financial Services Group.

Mr. MacKinnon made a presentation and with Messrs Thesberg and Sahagian answered questions.

At 2:26 p.m., the committee suspended.

At 2:33 p.m., the committee resumed.

Mr. Dey made a presentation and answered questions.

Mr. MacBeath made a presentation and answered questions.

At 3:59 p.m., the Deputy Chair, the Honourable Senator Tkachuk took the Chair.

Ms. Sinclair made a presentation and answered questions.

At 4:29 p.m., it was agreed that the committee adjourn to the call of the Chair.

ATTEST:

Till Heyde

Acting Clerk of the Committee