Translation of "Manitoba Municipal Employees' Benefits Board " (English → French) :

7. The members of the supervisory or management boards and senior staff of the infrastructure manager, as well as employees thereof with access to confidential information, shall hold no interest in or receive any financial benefit, directly or indirectly, from any other legal entities within the vertically integrated undertaking.

32. Considers that the purpose of the Court of Auditors' audit was to give an answer to two questions: firstly, were adequate policies and procedures in place, and secondly, were those policies and procedures adequately implemented; notes, furthermore, that the Court based its work on the definition of conflict of interest as provided for in the Organisation for Economic Co-operation and Development (OECD) guidelines, and that the reference framework for minimum requirements adopted by the Court was also derived from those guidelines; stresses however that, although the OECD guidelines offer an international benchmark on this matter, they basically relate to conflicts of interests in the framework of public sector ...[+++]employees and cannot, therefore, provide an adequate basis for an effective response in the case of potential conflicts of interests among the governing bodies and other bodies involved inthe agencies' work, such as management boards and expert panels; nevertheless recognises the value of the OECD's toolkit, and especially the checklist for gifts and benefits, etc., as well as the recommendations made concerning penalties, the need to check the completeness and content of statements of interests and the requirement to harness expertise and identify potential conflicts of interest;

There appears to be a national consensus among sophisticated investors and investment practitioners to increase the property limit to 30 per cent. Mr. Dale Richmond, President of the Ontario Municipal Employees Retirement Board, before the Banking Committee in its 1996 study of corporate governance, justified an increase on the following grounds:

Other witnesses, such as the President of the Ontario Municipal Employees Retirement Board, Mr. Dale Richmond, also spoke out against such tight restrictions.

A solution of this kind threatens on the one hand to lead to confusion over the role of the supervisory authorities, which must remain independent and impartial, and on the other hand to the systematic institution of legal proceedings that can be time-consuming and expensive and which benefit neither the companies concerned, the members of their Boards, nor the other interested parties, and particularly the employees.

Dale Richmond and Tom Gunn of the Ontario Municipal Employees Retirement Board suggested that directors, though they will need an understanding of investment matters and benefits, as well as of how assets and liabilities interact and should be managed, do not necessarily have to be investment experts.