Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 15 - Minutes of Proceedings
OTTAWA, Thursday, February 27, 2003
(24)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met at 9:05 a.m. this day, in room 257, East Block, the Chair, the Honourable Senator Kolber, presiding.
Members of the committee present: The Honourable Senators Biron, Fitzpatrick, Kolber, Kroft, Moore and Prud'homme, P.C. (6).
In attendance: From the Parliamentary Research Branch, Library of Parliament: Ms. June Dewetering, Acting Principal, Economic Division.
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:
As an individual:
Sir Robert Smith, Chairman, Weir Group PLC. (by videoconference)
From Mercer Human Resource Consulting:
Mr. Ken Hugessen, Canadian Compensation Practice Head, Managing Director.
As an individual:
Professor Richard Long, College of Commerce, University of Saskatchewan.
From London, by videoconference, Sir Robert Smith made a statement and answered questions.
Mr. Hugessen from Mercer Human Rsource Consulting made a statement and answered questions.
Professor Long made a statement and answered questions.
The committee agreed to the following budget for legislation for the fiscal year ending March 31, 2004:
| Summary of expenditures | |
| Professional and Other Services | $33,000 |
| Transportation and communications | $ 7,500 |
| Other Expenditures | $9,500 |
| TOTAL | $50,000 |
The committee agreed to the following budget for the period ending June 19, 2003, for its special study on the present state of the domestic and international financial system.
| Summary of expenditures | |
| Professional and Other Services | $48,000 |
| Transportation and communications | $27,000 |
| Other Expenditures | $ 3,000 |
| TOTAL | $78,000 |
The committee agreed to the following budget for the period ending June 19, 2003, for its special study on the administration and operation of the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act.
| Summary of expenditures | |
| Professional and Other Services | $18,000 |
| Transportation and communications | $8,500 |
| Other Expenditures | $3,500 |
| TOTAL | $30,000 |
At 11:40 a.m., the committee adjourned to the call of the Chair.
ATTEST:
Denis Robert
Clerk of the Committee