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

Issue 16 - Minutes of Proceedings

OTTAWA, Wednesday, March 26, 2003
(25)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 4:20 p.m., this day, in room 505 of the Victoria Building, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Biron, Hervieux-Payette, P.C., Kolber, Kroft, Moore, Oliver and Tkachuk (7).

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:

From the Department of Finance:

Mr. Charles Seeto, Director, Financial Sector Division;

Mr. Timothy Bishop, Senior Project Leader, Financial Sector Division.

Mr. Seeto made an opening statement and with the assistance of Mr. Bishop answered questions.

At 4:35 p.m., It was agreed that the committee continue to meet in camera pursuant to rule 92(2)(e) for the purpose of considering a draft agenda.

At 5:40 p.m., the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Thursday, March 27, 2003
(26)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 11:05 a.m., this day, in room 257, East Block, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Bolduc, Fitzpatrick, Hervieux-Payette, P.C., Hubley, Kolber, Kroft, Moore, Oliver, Prud'homme, Setlakwe and Tkachuk (11).

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 Tuesday, March 25, 2003, the committee undertook its examination of Bill C-3, An Act to amend the Canada Pension Plan and the Canada Pension Plan Investment Board Act.

WITNESSES:

From the Department of Finance:

Mr. Bryon Wilfert, M.P., Parliamentary Secretary to the Minister of Finance;

Mr. Larry Weatherley, Chief, Government Financing, Financial Markets Division, Financial Sector Policy Branch;

Mr. Del Carrothers, Director General, Seniors and OAS/CPP Programs, Human Resources and Development Canada;

Mr. Jean-Claude Ménard, Chief Actuary, Office of the Superintendent of Financial Institutions;

Mr. Doug Wyatt, General Counsel, Department of Justice, Central Agencies Portfolio, Department of Finance, General Legal Services.

From CPP Investment Board:

Ms. Gail Cook-Bennett, Chairperson of the Board of Directors;

Mr. John A. MacNaughton, President and CEO.

Mr. Ian Dale, Vice-President — Communications and Stakeholder Relations.

Mr. Wilfert made an opening statement and with the witnesses from the Department of Finance answered questions.

It was agreed, — That the committee proceed with the clause-by-clause consideration of Bill C-3, An Act to amend the Canada Pension Plan and the Canada Pension Plan Investment Board Act.

It was agreed, — That the title stand postponed.

It was agreed, — That clause 1 to 20 carry.

It was agreed, — That the title carry.

It was agreed, — That the Bill carry.

It was agreed, — That Bill C-3 be reported without amendment to 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.)

WITNESS:

By video conference:

Mr. Derek Higgs, Author, Report entitled ``Review of the role and effectiveness of non-executive directors.''

Mr. Derek Higgs, by video conference call from London, England, made a statement and answered questions.

At 1:10 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee