Just over two decades ago, the Sarbanes-Oxley Act put the regulation of corporate compliance on the map. It has since become a governance preoccupation, spawning armies of compliance professionals, commanding a substantial portion of every board’s agenda and costing hundreds of billions of dollars. Elaborate legal mechanisms — such as sentencing guidelines, whistleblowing regimes and personal liability of directors and management — aim at preventing employee wrongdoing and heightening oversight by directors and senior management to ensure internal systems are effective.
The objective — better, more honest governance — is hard to argue with. Yet time and time again we see high-profile firms encouraging, acquiescing in or simply…
The federal expenditure management system looks good on paper. Transparency is served by publication of five-year spending plans for major spending categories in the annual budget and detailed information in the government’s main estimates and departmental plans. Efficiency and effectiveness are served by setting objectives for program spending and requiring departments to report on the achievement of these objectives. This result-based management framework is buttressed by requiring most spending programs to be evaluated on a five-year cycle. Transparency is further served by making these reports publicly available.
Dig a little deeper, however, and the flaws become apparent. The first is incomplete coverage of spending.…
It’s time for the Ontario government to provide better information to the public on service improvements and cuts and when capital construction projects will be completed.
Budget day is important for the government, but more so for the citizens that the government’s choices will impact.
It’s a time when the information provided to the public, including the media, needs to be presented in a transparent and clear manner. With a finite amount of taxpayer dollars, it’s ever the more important that the public obtain comprehensive budget information to clearly understand how government spending will impact them — in health, education, the justice system and social programs — by virtue of the programming and service level choices…
