Nota Bene: What was the story behind SNC-Lavalin's supposedly 'excellent' corporate governance regime? via fpcomment
Excerpted and translated from “Le fiasco SNC-Lavalin: crime, culture, governance?” by Yvan Allaire, executive chairman of the Institute for Governance of Private and Public Organizations, published in Policy Options March 18, 2019.
Yet at the time, SNC-Lavalin was highly rated for the quality of its governance. According to the annual ranking of some 250 Canadian companies for the quality of their governance published by The Globe and Mail, SNC-Lavalin got top ranks: 1st in 2005 and 2009, 2nd in 2006, 3rd in 2008, 7th in 2003, 2011 and 2012.
So, if management lies to the board or provides false information, how can the board be blamed? This argument, although legally valid, is not fully satisfactory. What could SNC-Lavalin’s board of directors have known? What questions should have been asked of management of the company at the time?— Who decides, and on what basis, to seek contracts in countries with exotic political mores?
The board of directors at the time may have raised these issues and management might not have been forthcoming. Except for its somewhat limited curiosity, the board observed all the rules of “good” governance . Boards of directors, in the traditional form of governance, are always a bit like skaters making arabesques on a frozen lake, unaware of the teeming activities under the ice.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jack Mintz: Trudeau going soft on SNC-Lavalin’s corruption could cost Canada a lotThanks to one crooked company, Canada has had the shameful honour of dominating the World Bank’s corruption list since 2013
Read more »
How Trudeau can easily help SNC-Lavalin (and other corporate wrongdoers) without corrupting justiceHow Trudeau can easily help SNC-Lavalin (and other corporate wrongdoers) without corrupting justice via fpcomment
Read more »
Keanu Reeves Is Bringing His Excellent Canadian Roots To 'Toy Story 4'Keanu Reeves returns to his excellent Canadian roots in 'Toy Story 4'
Read more »
Former Liberal minister Philpott says Canadians need to know ‘whole story’ of SNC-Lavalin affairMeanwhile, Conservative MPs forced marathon votes on spending estimates Wednesday night that are expected to take up most of Thursday and the cancellation of Question Period
Read more »
As MPs pull all-nighter, Philpott says there’s ‘more to the story’ of the SNC-Lavalin affairThe former minister says she had concerns before the controversy became public in January. Meanwhile, a Conservative-sponsored filibuster that began Wednesday night has continued through Thursday morning
Read more »
Christie Blatchford: Liberals shut down SNC probe with dazzling duplicityNot only did the committee fail to recall Wilson-Raybould, it failed to even scratch at the incestuous relationships between SNC-Lavalin lobbyists and this government
Read more »
SNC-Lavalin CEO says employees will move to foreign rivals if it is debarredThe head of SNC-Lavalin says its role as a Canadian global champion will be undermined if the embattled engineering firm is barred from bidding on federal contracts and its local employees are forced to work for foreign competitors.
Read more »
Conservatives call on ethics committee to pick up SNC-Lavalin studyIn the Conservatives' latest push to keep parliament’s study of the SNC-Lavalin issue alive, the opposition has asked the parliamentary ethics committee to launch a look into the allegations the prime minister’s office interfered in a criminal trial.
Read more »
SNC-Lavalin CEO says employees will move to foreign rivals if it is debarredThe head of SNC-Lavalin says its role as a Canadian global champion will be undermined if the embattled engineering firm is barred from bidding on federal contracts and its local employees are forced to work for foreign competitors.
Read more »