Once a voice for rigid standards for corporate governance, Peter Dey is now singing a different tune about a number of those rules, including the need for independent directors. What changed his mind? Just experience, he says
Corporate governance guru Peter Dey has had a big change of mind.
After spending years promoting policies for public companies to follow to improve boards of directors, he says he no longer believes Canada needs some of the key standards he helped to create in the mid-1990s. He advocates scrapping a recommendation that boards contain mostly independent directors, as well as the rule that audit committees be completely independent of management. He attributes his reversal to spending the past decade as a director on many corporate boards, including, currently, Addax Petroleum Corp., Goldcorp Inc. and Workbrain Corp.
"My experience in boardrooms is that definitional independence doesn't guarantee independent-mindedness," the Toronto lawyer said in a recent interview.
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