2. Corporate governance initiatives in Canada
Canada has placed an emphasis on corporate governance for a number of years. The
significant governance initiative may date back to 1995, when the Toronto Stock
Exchange (TSX) adopted 14 voluntary corporate governance best practices, and
required Canadian-incorporated listed companies to disclose annually their corporate
governance practices, and compare their practices to the 14 best practices (Labelle,
2003; Park and Shin, 2004)