Resources Connection,Inc., an international professional services firm and CAmagazine, the official publication of the Canadian Institute of Chartered Accountants (CICA), released a survey of more than 130 CFOs and CEOs of Canada- based companies reflecting their opinions and perceptions of potential changes in corporate governance regulations in Canada. The survey followed the release of new corporate governance regulations by Canada's main securities regulators that are intended to mirror many of the guidelines suggested in the Sarbanes- Oxley Act (SOX) in the United States.
The study revealed that executives are largely divided in support of one global standard based on SOX and the proposed Canadian regulations. More than 58 percent of all respondents agree on the need for a single global standard. Broken out, approximately 50 percent of executives of Canada-only listed companies view one global corporate governance standard favorably, while more than 65 percent of companies inter-listed on both Canadian and the U.S. exchanges also support the notion.
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