There is no substitute for a culture of integrity in organizations. Compliance alone with the law is not enough. History shows that those who make a practice of skating close to the edge always wind up going over the line. A higher bar of ethics performance is necessary. That bar needs to be set and monitored in the boardroom.  ~J. Richard Finlay writing in The Globe and Mail.

Sound governance is not some abstract ideal or utopian pipe dream. Nor does it occur by accident or through sudden outbreaks of altruism. It happens when leaders lead with integrity, when directors actually direct and when stakeholders demand the highest level of ethics and accountability.  ~ J. Richard Finlay in testimony before the Standing Committee on Banking, Commerce and the Economy, Senate of Canada.

The Finlay Centre for Corporate & Public Governance is the longest continuously cited voice on modern governance standards. Our work over the course of four decades helped to build the new paradigm of ethics and accountability by which many corporations and public institutions are judged today.

The Finlay Centre was founded by J. Richard Finlay, one of the world’s most prescient voices for sound boardroom practices, sanity in CEO pay and the ethical responsibilities of trusted leaders. He coined the term stakeholder capitalism in the 1980s.

We pioneered the attributes of environmental responsibility, social purposefulness and successful governance decades before the arrival of ESG. Today we are trying to rebuild the trust that many dubious ESG practices have shattered. 


We were the first to predict seismic boardroom flashpoints and downfalls and played key roles in regulatory milestones and reforms.

We’re working to advance the agenda of the new boardroom and public institution of today: diversity at the table; ethics that shine through a culture of integrity; the next chapter in stakeholder capitalism; and leadership that stands as an unrelenting champion for all stakeholders.

Our landmark work in creating what we called a culture of integrity and the ethical practices of trusted organizations has been praised, recognized and replicated around the world.


Our rich institutional memory, combined with a record of innovative thinking for tomorrow’s challenges, provide umatached resources to corporate and public sector players.

Trust is the asset that is unseen until it is shattered.  When crisis hits, we know a thing or two about how to rebuild trust— especially in turbulent times.

We’re still one of the world’s most recognized voices on CEO pay and the role of boards as compensation credibility gatekeepers. Somebody has to be.

June 8, 2011 | 13:24

Jessica Murphy, Parliamentary Bureau | QMI Agency

Canada’s patchwork securities regulation system gives the mob plenty of places to hide, a new report indicates.

The draft government report probing mob meddling in Canada’s financial sector, obtained by QMI Agency, suggests a patchwork of securities regulators across the country make it hard to pin down the amplitude of financial crime.

“Anyone wishing to understand the scope and seriousness of securities offences in Canada appears to be stuck with manually parsing the overlapping databases of regulators, and self-regulatory organizations,” according to the report, one of three commissioned by Public Safety Canada to shed light on how organized crime operates in Canada.

The final draft, likely be tabled late fall, will focus on the Toronto Stock Exchange and Montreal’s derivatives market.

The news doesn’t come as a surprise for J. Richard Finlay, who heads up the Centre for Corporate and Public Governance in the U.S.

He warns that due to our “weak system of balkanized securities regulators and lack of any federal focus on the matter, Canada makes an easy target for ill-intentioned players.”

Finlay recommends Canada adopt a national securities regulator, a proposal the Conservative government is currently trying to push forward.

The Supreme Court is set to rule in the coming months on the whether the proposal for a new Canadian Securities Regulatory Authority is constitutional.

Alberta, Manitoba and Quebec oppose a national regulator.