Corporate Governance Regulations Cited as Most Important Issue Impacting Business Today

Toronto, ON - Nearly one-half (48%) of respondents with responsibilities in the areas of Investor Relations, Corporate Governance and Disclosure, and/or Corporate Directors or Board Members within their companies believe the most important issue impacting their business today is related to "Regulations and Governance", including government policy, disclosure requirements, and increasing regulations according to a major industry survey released today. This emerges ahead of such other issues as "Growth/Survival", "Finance", "Business/Market Environment", and "Economic Environment" issues. The study also found strong support for a single National Securities Regulator, with three-quarters (75%) of respondents stating that they support the need for a single, national securities regulator.

Most Important Issues Impacting Business

When asked about the most important issues impacting their business today, nearly one-half (48%) of respondents believe that "Regulations and Governance", including government policy, disclosure requirements, and increasing regulations are at the top of the list. A further eleven percent named "Growth/Survival" related issues, followed by 10% who cited "Finance", 9% who cited "Business/ Market Environment" issues and 8% who pointed to "Economic Environment" issues.

Preparation For Review Of Disclosure Has Increased ...

Respondents reported that time for preparation and review of disclosure (77%) has increased as a result of new regulator requirements as well as the role of the Audit Committee (74%), and the role of the Legal Counsel (68%). Respondents have found an increase in the review of analyst reports by Investor Relations Officers (16%), an increase in Investor Relations Staffing (14%), and an increase in costs (13%).

Strong Support For Single, National Securities Regulator ...

Of the 97% of respondents whose company headquarters are located in Canada and who worked for a single board or company, three-quarters (75%) indicated that they support the need for a single, national securities regulator, while only 7% oppose the need for this position (interestingly, 67% of those in Alberta and 69% in BC support the need for a single national securities regulator).

These are some of the findings of an Ipsos-Reid/ Canadian Investor Relations Institute (CIRI)/ Blake Cassels & Graydon LLP/ The Institute of Corporate Directors (ICD)/ TSX Group poll conducted from July 12 to July 30, 2004. For the survey, a representative randomly selected sample of 688 respondents with Investor Relations responsibilities were interviewed via 20-minute online interviews. The respondents sample was drawn from CIRI (consultants and issuers) and TSX / TSX Venture directors, and included Investor Relations Officers, Corporate Directors/Board members and those responsible for corporate governance and disclosure within their company. With a sample of this size, the results are considered accurate to within 177 3.7 percentage points, 19 times out of 20. The margin of error will be larger within sub-groupings of the survey population.

Please open the attached PDF to view the complete factum and power point report.

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For more information on this news release, please contact:

John Wright
Senior Vice-President
Ipsos-Reid Public Affairs
(416) 324-2900