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LEXPERT
February 2003

LEXPERT

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 contact:

Chris Koressis
Telephone: (416)
720-1624
Chris.Koressis@Koressis.com