Corporate governance has undergone a revolution since we published the first ranking in the fall of 2001, shortly after the collapse of US corporate titans such as Enron and WorldCom. Back then, about the only companies that bragged about their corporate governance practices in Canada were banks and insurance companies. Most companies didn't bother to disclose a full background of their directors, boardroom attendance, consulting fees or even how the board decided to give the CEO a raise. Now, disclosure continues to improve and just about every company — even those that wind up on our list of low-scoring boards — likes to brag that it has the most effective board.
But there is a difference between saying that you have a good board and showing shareholders your company takes corporate governance seriously. You don't have to look far down the list of companies that score high in our governance survey to find proof that many of them understand that governance is best shown with deeds, not words.
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