The carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

The effect of governance mechanism and structure on fees and performance of Mutual Funds in Canada

Taking advantage of the unique Canadian setting, this study empirically analyzes the impact of presence of the board of directors, as an internal governance mechanism, on fees and performance of mutual funds. Further, the impact of the board structure on fees and performance of corporate class funds is analyzed. We find that corporate class funds, which have a separate board of directors for the fund, charge higher fees; however, they also provide superior performance than trust funds. Furthermore, we find that for corporate class funds, smaller board, with higher percentage of independent directors, and with the fund CEO acting as the chairman of the board is likely to charge lower fees. Also, more independent boards are strongly associated with superior fee-adjusted performance.

CEO Compensation, Compensation Risk, and Corporate Governance: Evidence from Technology Firms

Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

Gaining Insights About Water: The Value of Surveys in First Nations Communities to Inform Water Governance

Knowledge of how water is perceived, used and managed in a community is critical to the endeavour of water governance. Surveys of individuals residing in a community offer a valuable avenue to gain information about several of these aspects of water. This paper draws upon experiences in three First Nation communities to explore the values of surveys to illuminate water issues and inform water decision-making. Findings from experiences with surveys in Six Nations of the Grand River, Mississaugas of the New Credit, and Oneida First Nation of the Thames reveal rich information about how surveys can provide insights about: the connection of individuals to the land, water and their community; reasons for valuing water; perceptions of water quality and issues surrounding water-related advisories; and, degree of satisfaction with water management and governance at different scales. Community partners reflected upon the findings of the survey for their community. Dialogue was then broadened across the cases as the partners offer benefits and challenges associated with the survey. Community surveys offer an important tool in the resource managers’ toolbox to understand social perceptions of water and provide valuable insights that may assist in improving its governance.

Priming the Governance System for Climate Change Adaptation: The Application of a Social Ecological Inventory (SEI) to Engage Actors in Niagara, Canada

Adaptive systems of governance are increasingly gaining attention in respect to complex and uncertain social-ecological systems. Adaptive co-management is one strategy to make adaptive governance operational and holds promise with respect to community climate change adaptation as it facilitates participation and learning across scales and fosters adaptive capacity and resilience. Developing tools which hasten the realization of such approaches are growing in importance. This paper describes explores the Social Ecological Inventory (SEI) as a tool to 'prime' a regional climate change adaptation network. The SEI tool draws upon the social-ecological systems approach in which social and ecological systems are considered linked. SEIs bridge the gap between conventional stakeholder analysis and biological inventories and take place through a six phase process. A case study describes the results of applying an SEI to prime an adaptive governance network for climate change adaptation in the Niagara Region of Canada. Lessons learned from the case study are discussed and highlight how the SEI catalyzed the adaptive co-management process in the case. Future avenues for SEIs in relation to climate change adaptation emerge from this exploratory work and offer opportunities to inform research and adaptation planning.

Corporate Social Responsibility, Corporate Governance, And Managerial Risk-Taking

This dissertation investigates the association between corporate social responsibility (CSR) and managerial risk-taking, as well as the differences in governance structure that affect this association. Using a sample of US public firms from 1995 to 2009, we find that firms with strong CSR records engage in higher risk-taking. Furthermore, we find that this relationship is robust when accounting for differences in governance structure and correcting for endogeneity via simultaneous equations modeling. Additional testing indicates that performance in the employee relations dimension of CSR in particular increases with risk-taking, while high firm visibility dampens the association between CSR and the accounting-based measures of risk-taking. Prior literature establishes that high managerial risk-tolerance is necessary for the undertaking of risky yet value-enhancing investment decisions. Thus, the main findings suggest that CSR, rather than being a waste of scarce corporate resources, is instead an important aspect of shareholder value creation. They contribute to the debate on CSR by documenting that corporate risk-taking is one mechanism among others through which CSR maps into higher firm value.

Understanding Network Governance: A Case Study Exploration of Active Canada 20/20

Consistent with the governance shift towards network forms of governance, a number of new social movements have formed in response to the declining levels of physical activity in the Western world. One such movement is Active Canada 20/20: A Physical Activity Strategy and Change Agenda for Canada. Network governance is employed as the theoretical framework for this case study exploration of Active Canada 20/20 and the political landscape surrounding its development and implementation. Semi-structured interviews were conducted in addition to document/policy analysis and direct observations. Analysis of the data resulted in three overarching themes – the defining characteristics of network governance, the political landscape, and intersectoral linkages – that interconnect multifariously based the nature of the Canadian federal government and its relationship with the voluntary sector for physical activity. Despite progress in driving Active Canada 20/20 forward, entrenched dynamics of power need to be navigated within the political landscape surrounding network governance.

Collegial Self-Governance for Professional Librarians: A Look at the Advantages of the Establishment of a Library Council and its Role in the Lives of the Librarians in the Brock University Faculty Association

The ability to perform collegial governance is a cornerstone of modern universities in the United States and Canada. This idea of governance is well practiced among faculty members but is not often practiced to the same extent with librarians in those same institutions. In this chapter, I will look at a popular form of collegial governance called the Library Council. Further, I will examine how the Library Council at Brock University has enabled librarians there to perform meaningful collegial self-governance.

The Canada Not For Profit Corporations Act: Perceived impact on the governance of federal sport organizations

This thesis examined the impact of the Canada Not-for-Profit Corporations Act (2009) on the governance of national sport organizations (NSO). The impact of the legislation was explored through the perceptions of NSO executive leaders and by analyzing the by-laws in effect before the legislation. The legislation was perceived to have the greatest impact on enhancing accountability, specifically affecting membership categories and director selection. The interview data showed that the legislation was necessary to enhance accountability in many NSOs. The Respondents also demonstrated that they understood the goals sought through the legislation. The data also showed that the boards of NSOs were already in alignment with the goals of the legislation. With respect to governance, the data indicated that NSOs rely almost exclusively on their regional sport associations as voting stakeholders. An emerging issue that came out of the results was the role of athletes in the governance of sport organizations.

Resilience in a Watershed Governance Context: A Primer

Watersheds are complex systems involving social, economic, and ecological dimensions that are constantly interacting and influencing each other, and governance of these systems involve a large and diverse cast of actors that add to the complexity and difficulty in deciding what is best for the watershed and people. Resilience thinking offers a way to understand and navigate the uncertainty, dynamics and complexity of watershed governance. This primer describes key ideas associated with resilience: more inclusive participation; building a shared understanding; inclusion of ecosystem services and functions in long-term planning; strong leadership; institutional and decision making flexibility; and, a decentralized system. This primer is an initial effort to translate the scholarly understanding of these key ideas and initiate a dialogue about their application in the context of watershed governance.

Convergence of corporate governance : comparative study in Canada and in China

"Mémoire présenté à la Faculté des études supérieures En vue de l'obtention du grade de Maître en droit (LL.M.)"

Electronic waste governance: sustainable solutions to a global dilemma

Le présent mémoire a pour objet les formes, les caractéristiques et les défis de la gouvernance des déchets électroniques. L’auteure explore les impactes socioéconomiques et environnementales de divers types d’instruments conçus pour mitiger les risques à la santé humaine et à l’environnement que présentent les produits électroniques en fin de vie, notamment: les traités multilatéraux qui visent à prohiber le transfert des déchets hasardeux au pays en développement, les législations régionales, nationales et provinciales mettant en vigueur des systèmes de recyclage obligatoire des déchets électroniques, ainsi que d’autres initiatives, publics et privées, basées sur le principe de la responsabilité élargie des producteurs (REP). L’objectif de ce travail est de comprendre comment les acteurs impliqués dans le commerce de l’équipement électronique peuvent modeler les systèmes de production, d’usage et du traitement fin de vie des technologies contemporaines pour que ces dernières puissent continuer à faire élever les standards de vie et à avancer le développement des communautés humaines, en respectant simultanément le principe international de l’équité globale, l’environnement naturel et la qualité de vie des générations futures.

Global Internet governance and the public interest in communication

Élaborée à partir d’une étude de cas extensive focalisant sur les perspectives multiples et concurrentes ayant émergé lors des négociations sur la gouvernance de l’Internet, thématique ayant dominé l’agenda politique du Sommet mondial sur la société de l’information (SMSI), cette thèse examine les manières avec lesquelles les débats mondiaux sur la gouvernance de l’Internet influencent la notion d’intérêt public en communication. Établie sur la base d’une observation participante extensive, d’entrevues semi-structurées et de l’analyse d’une documentation formelle et informelle associée au SMSI, cette thèse fait état de l’émergence des enjeux associés à la gouvernance de l’Internet au SMSI et présente une analyse approfondie des négociations ayant porté sur cet enjeu. Le cadre théorique développé par Lawrence Lessig au travers duquel « le code est la loi » est appliqué afin d’expliquer comment les différents acteurs ont débattu et ultimement atteint un consensus sur les frontières venant séparer les enjeux normatifs de politique publique et les questions techniques de régulation et de gestion du réseau. Cette thèse discute également de l’évolution des débats autour de la gouvernance mondiale de l’Internet ayant pris place à la suite de la conclusion du SMSI. Sur la base de cette étude de cas, un ensemble de conclusions sont formulées sur les acteurs et les caractéristiques institutionnelles ayant influencé les négociations sur la gouvernance de l’internet. Il est également suggéré que le SMSI a redéfini une discussion étroite sur la gestion d’un ensemble de fonctions techniques de l’Internet en un domaine de politique publique plus large de gouvernance mondiale de l’Internet. Il est également défendu que la notion d’intérêt public dans la gouvernance mondiale de l’Internet est conceptualisée autour des processus de participation et d’intégration des différentes parties prenantes au processus politique. Les implications directes et indirectes qui découlent de ce constat pour comprendre plus largement la notion d’intérêt public dans le domaine de la communication sont également présentées et discutées. En conclusion, cette thèse s’interroge sur les implications programmatiques des éléments ayant été précédemment soulevées pour la recherche médiatique et communicationnelle.

Promoting while checking self-interest : a conflict-based governance approach to rebalance corporate power disequilibria in Canada and the United States

La délégation du pouvoir de gestion aux administrateurs et aux gestionnaires, une caractéristique intrinsèque à la gestion efficace de grandes entreprises dans un contexte de capitalisme, confère une grande discrétion à l’équipe de direction. Cette discrétion, si elle n’est pas surveillée, peut mener à des comportements opportunistes envers la corporation, les actionnaires et les autres fournisseurs de capital qui n’ont pas de pouvoir de gestion. Les conflits entre ces deux classes d’agents peuvent émerger à la fois de décisions de gouvernance générale ou de transactions particulières (ie. offre publique d’achat). Dans les cas extrêmes, ces conflits peuvent mener à la faillite de la firme. Dans les cas plus typiques, ils mènent l’extraction de bénéfices privés pour les administrateurs et gestionnaires, l’expropriation des actionnaires, et des réductions de valeur pour la firme. Nous prenons le point de vue d’un petit actionnaire minoritaire pour explorer les méchanismes de gouvernance disponibles au Canada et aux États‐Unis. Après une synthèse dans la Partie 1 des théories sous‐jacentes à l’étude du pouvoir dans la corporation (séparation de la propriété et du contrôle et les conflits d’agence), nous concentrons notre analyse dans la Partie 2 sur les différents types de méchanismes (1) de gouvernance interne, (2) juridiques et (3) marchands, qui confèrent du pouvoir aux deux classes d’agents. Nous examinons comment les intérêts de ces deux classes peuvent être réalignés afin de prévenir et résoudre les conflits au sein de la firme. La Partie 3 explore un équilibre dynamique de pouvoir corporatif qui cherche à minimiser le potentiel d’opportunisme toute en préservant une quantité de discrétion suffisante pour la gestion efficace de la firme. Nous analysons des moyens pour renforcer les protections des actionnaires minoritaires et proposons un survol des pistes de réforme possibles.

La Belgique renforce ses règles en matière de corporate governance : Regard d'un juriste français sur la réforme récente du Code des sociétés.

Alors que l’Organisation de Coopération et de Développement Economique appelle de tous ses voeux à développer les initiatives en matière de corporate governance pour faire face aux échecs dont la crise financière a été le témoin, la loi belge du 6 avril 2010 témoigne d’une position proactive et met en oeuvre les propositions faites au niveau européen. D’un côté, certaines modifications législatives introduites au premier trimestre 2010 sont connues du juriste français et soulèvent des interrogations similaires à celles existantes en France. D’un autre côté, un certain nombre d’options choisies par le gouvernement belge (notamment celles concernant la rémunération) présente un caractère original, la France n’en étant à l’heure actuelle qu’au stade des débats. Au-delà de détailler la loi d’avril 2010 dans son aspect gouvernance d’entreprise avec un regard comparatiste, le présent article s’interroge sur l’efficacité future du dispositif mis en place.