Corporate, securities and disclosure rules of high quality are essential to our free market economy. Jim Goodfellow and Jim Baillie, now retired after long careers in accountancy and law, believe that our legislation and practices are often out-paced by market and private sector developments, and that governments are dilatory in catching up. Against a brief historical background, they will lead a discussion of topical issues like the responsibilities of public company directors, responding to ABCP, the voluminous disclosure requirements now applied to public companies, the debate over a national securities regulator, board reactions to cyber-attacks and other examples where they believe governments have failed to respond adequately to developments.
Securities Regulation: Current Problems of Corporate Law and Disclosure?
Jim Baillie, Retired Partner, Torys
Jim Baillie graduated from the University of Toronto Law School in 1961 and received his masters from Harvard Law School in 1963. He practiced law with Torys LLP and predecessor firms until his retirement in 2015, except for service as Chair of the Ontario Securities Commission and then as consultant to Continental Bank of Canada 1979-1981.
Jim Goodfellow, Retired Partner & Vice Chair, Deloitte
Mr. Goodfellow is a corporate director and a retired partner and Vice-Chairman of Deloitte. He holds a Bachelor of Science degree from Dalhousie University, he is a Chartered Professional Accountant, and was made a Fellow of the Ontario Institute of Chartered Accountants in 1986. In 2009 he was awarded the Ontario Institute of Chartered Accountants’ Award of Outstanding Merit.
Mr. Goodfellow has written extensively on professional issues, including co-authoring the book Integrity in the Spotlight: Audit Committees in a High Risk World with Maureen Sabia and co-authoring the two 2006 publications "Internal Control 2006: The Next Wave of Certification" with Alan Willis; which were updated and published by CPA Canada in 2014.
Mr. Goodfellow is a past chairman of the CICA Accounting Standards Board, and is a past chairman of The CICA Canadian Performance Reporting Board (which conducts research in measuring and reporting performance beyond the traditional financial statements). He is a frequent speaker on issues related to financial reporting, corporate governance and audit committees.
Mr. Goodfellow co-chaired four Audit Quality Symposiums hosted by the Canadian Public Accountability Board that brought together thought leaders and policy makers from Canada and around the world to discuss issues related to audit quality. He was also a member of the Enhancing Audit Quality Audit Committee Working Group that has developed guidance for audit committees in overseeing the work of the external auditor.
Mr. Goodfellow has served on the audit committee of the Department of Foreign Affairs and International Trade (DFAIT) and the board of directors of Discovery Air Inc. (where he chaired the Audit Committee). He is currently a member of the board of directors of Canadian Tire Corporation (where he is a member of the audit committee and chairs the Management Resources and Compensation Committee) and a director of Canadian Tire Bank where he serves on the Audit Committee.