MONTREAL, May 25, 2012 /CNW Telbec/ - Stephen Jarislowsky, Chairman, C.E.O. and Director of Jarislowsky Fraser Limited, today issued the following statement.
Some time ago, I had expressed my support for Maple Group's plans for the Canadian capital markets. I am pleased to see now that there is clear progress, and that there is growing recognition and support from the financial community, securities regulators, investors and Canadians overall to move forward.
It has become clear to many that the proposed transaction should strengthen the Canadian financial infrastructure, improve the global competitiveness of Canada's capital markets, and attract foreign confidence in our market. It will also elevate the position of regulators to monitor and manage systemic risk.
Good corporate governance is essential. I have worked tirelessly over the past few decades with many groups such as CCGG, FAIR and IGOPP to vocalize its importance.
Maple has set out a framework that should secure a global financial centre that makes sense. Oversight will be diligent and comprehensive and materially improve the current situation.
The regulators' draft and final orders codify areas such as the independent governance of the TMX Group as well as fair, meaningful and diverse representation on the Board, restrictions designed to ensure competitive markets, and the independent governance of CDS. I think this serves the public interest and so I am pleased to continue to support Maple's proposal to build an integrated exchange.
Mr. Jarislowsky founded Jarislowsky Fraser Limited in 1955. The firm is known for defending shareholder rights and is actively committed to promoting strong corporate governance, as well as exercising influence to ensure that shareholders' interests are at the forefront of corporate actions.
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