The breadth of Ed Clark's distinguished career, including
serving as former President and CEO of TD Bank Group and his
current position as Business Advisor to the Premier of Ontario,
affords him unique insight into the private and public sectors.
Sophia Tolias and
Konata Lake had the opportunity to interview Mr. Clark for his
thoughts on Ontario business and the economy in the year ahead.
Q.Tell us about your new role as
business advisor to the Premier of Ontario.
A. I do two things. First, I am an economist by
training and have been involved in the economy through my
experience running a large financial institution. This has allowed
me to give the Premier my views on what works and what doesn't
work economically in Ontario. I can bring a business perspective to
how businesses will react to different initiatives.
Second, I play a project management-type role on files with
heavy private sector content. As someone from that community, I can
help the Premier understand where they are coming from and how they
may respond to an issue. I can also help the business community
understand the political scene and how their voices can best be
heard in that context.
Q.What are your top recommendations
for Ontario business and the economy in the years
A. In the years ahead, we need to do two
things. We have to work on making our existing economy more
competitive, and as a country we must recognize how dramatically
the world is changing. We need to shift our focus from
manufacturing goods to innovation and services and become an
exporter of innovative service products.
Q.You recommend an "outcome-based
approach" to regulation. Can you tell us more about
A. To make our economy more competitive, we
should address regulatory burden for businesses. Practically, an
outcome-based approach involves government mobilizing the business
community for input on what they are trying to accomplish, and then
drafting rules to achieve that outcome at the lowest possible cost.
This may involve looking at how other jurisdictions achieve highly
desired outcomes through less burdensome regulation.
Q.What advice do you have for
investors interested in highly regulated sectors?
A. If an investor interested in a highly
regulated sector is choosing not to invest, it's important that
they engage with government to explain what is impeding the
investment and challenge us to solve the problem. The business
community needs to work with government to increase this type of
interaction and tell us what we need to do to improve productivity
and achieve overall business growth.
Q.Can you comment on the relationship
between the private and public sectors?
A. Dynamics between the private and public
sectors are changing. There is recognition in government that its
resources are limited at the implementation phase. Governments
should partner with the business sector where the business sector
can deliver on a government priority more efficiently than the
public sector. For example, Ontario has become a world leader in
public-private partnerships―the PPP model helps dramatically
reduce costs, allows projects to be delivered on time and leaves
implementation to the private sector.
The bottom line is that the public and private sectors should
play to their strengths: the private sector should focus on doing
things, while the government should retain its public policy role
deciding what should be done.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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