Chris Koressis was quoted in the February, 2003 edition
of LEXPERT for the lead
article on "Corporate Governance".
In particular with respect to Chris' contribution are the following
relevant paragraphs extracted from the article:
"If Canadians want to take advantage of the North American
market, they have to have a regulatory environment in which investors
have confidence. I don't think Canadians have a lot of choice in
the matter". It is an attitude prevalent in Toronto. Says
Chris Koressis, a Toronto corporate lawyer and founder of Koressis LLP: "We're so closely tied to the United States, and we do
so much transborder business, it would be advantageous to make
the rules as consistent as possible. I don't know if a made-in-Canada
policy is the right thing to do." ........
The backlash to the rock star CEO, in the form of a cult of the
dull and staid, has already started. Many companies are questioning
what pre-Enron everyone believed were legal (and ethical) off -balance
sheet transactions - just aggressive ones. And it's likely their
lawyers will be much more cautious. Says Chris Koressis, "I
think what Enron and WorldCom have taught us is it's better to
be on the conservative side and the cautious side. It's really
a wake-up call to some of the more aggressive companies that have
a so-called "cowboy" or "cowgirl" culture.
The cowboy mentality - Enron is probably a good example of a company
where the culture is, do what you can to increase our business,
and the rest will fall into place, and people run around trying
to increase business at all costs. You really can't do that. You
have to have some controls and policies".
See also "Corporate Governance Grabs
Spotlight in Post Enron World"
For more information
about this issue, please
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