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FROM PARLIAMEN HILL Alex Shepherd The fear associated with openlng the Visa bill this month, sfter December's Christmas shopping, willî change to anger when people see the charges on the state- ment. Why? Because people have dlfflculty reconciling those charges with the salaries of CEos running the banks. Take Bank of Montreal's corporate boss Matthew Barrett. Sequestered in his cushy executive office in downtown Toronto he's pulling ta a $25 million pay cheque that includes salary and stock options. And the CEOs frorn the other banke aren't far behind. You have to wonder if the shareholders consented to this atroclous remuneration package and if banks are democratîc institutions. Bankers tell us they psy their CEOs whatever they like because ehareholders agree to it. They argue half the peo- ple in Canada, in one way or another, own bank shares dlrectly or through their corn- panly pension plan. But how mauch say do shareholders have over CEOs? The answer of course if precious little. And here's why. The Bank Act ensures no one shareholder can own more than 10 per cent of shares so that power is dif- fused. Recent efforts to ensure executive officers at the Royal Bank would not be paid more than 25 times the average salarýy of gener-al workers, îra the same bank, was thwarted because of the contýrols on banks set out in the Banik Act. Keep ta mmnd the average salary for bsnk ernployees is approximately $45,000. Canada's executive class bankers are pald hlgher rela- tive to alrnost any of their international counterparts save the U.S. 'Wlth that in mmid it's funiny our banks dlaim they need more of a leg- islative mandate to compete wlth their world couniterparts. In governrent circles we talk about redistribution of Income. There lsn't a pro- gressive country in the world that doesn't engage in this practice. But what does this practice look like when over- laid on the banks. It appears to operate in reverse for consumers who want to use the services banks provide. Part of the reason is that the big six banks are a monopoly. You have to pay the fees which allow Matthew Barrett and his counterparts to live the high lifestyle. As a society it would be appropriate for us to corne to some klnd of consensus as to what is reasonable remuner- ation for bank CEOs. And where there are no corporate reins ensure that some are imposed. Banks are begglng for changes to the Bank Act to slow even more rein over our local economy. Why then shouldn't soclety find a way shareholders and comrmuni- ties can temper the greed of the banks' corporate elite. How about a commlttee systern of shareholders and customers who agree to psy schedules for banking CE-Os and their board of directors? Banks are planning to spend $20 million to spruce up their public image. Instead of glitzy commer- diaIs and brochures how about a reallty check like bringing salaries into Uine with other corporate man- agers, This is one of the things that would make themn m-ore com-petitivý,e mith their global counterparts. These are sorne of' the views I -wlll be promoting in the House of Commons. 1 appreciate your views on this sub)ject or any other. Contact me at 721-7570 or e- mail me at nscb@idiïr-ctcorn. My mnailing address is 12410 Slmicoe St. N., Unit 3, Oshawa, Ont., L1G 4X3. An Ovewhelmiflg Success! THANK-YOU DlRHAMV nurnerous to mention by and our many sponsors name who helped keep the spirit of Christmas alive by The 1997 9tPi Annual givlng of their valuable tUme CHRISTMASI' FOOIP AND'TjY at this busy lrne of year. To DRIVE was a heacnwarmiflg the Ajax, Claringtoni, Oshawa success. VoluntCers were and Whitby Fire kept busy Into the wee hours Departments, we send out a dlstributing all the- food and special thank-you for your toys that were collected contmnued support in provid- throughout the Durham lng drop-off locations, and to Region. our sponsors, our heart-felt We filled the vish llsts Of appreciation for rnaking this more than twenty-tw0 local drive possible each year. agencies who had requested To the many individuals, assistance for fatililies this sehools, orgsanizations and year. Ther ere sufficient business es, 'small and large toys and food to provide for in our community, who took every family that hýad applied the Uirne on their own initi a-- to the agencies. Rigint up until tive to collect donations and Christmas Eve ýind rlght set up drop boxes, a.special tbrough into the npW year, we thanklç you. You are the inspi- were collectting footl and toys ration that keeps us going. that poured in due to the On behaîf of everyone at overwhelming geiierositY Of the Durham Regional Police our citizens and bismnesses. Service, best wishes for a We at the Durham healthy and prosperous new Regional police would like to, year. express our heartfielt thanks Kevin McAlpine to ail the many voliinteers too Chief of Police John O'To0ole presents a cheque to non-profit housing Non-profit and co-opera- tive hou sing providers across Ontario are receivùtag funids to help finance repaïfs to their buildings. On j,4nuary 8, 1998, Durham rast MPP John R. oToole, represent- ing the Durham M4PPs, was plessed to present a cheque for $2,184,500 t, Durhamn Non-Profit Housing in Oshawa on behaîf of Municipal Affaire aiad Housing Minister Ai Leach. One of our most Important assets le non-profit housing,," sald Mr. OToole. 'We must preserve and proptect our stock of social housing for the future, and that mneans spending the rnoney needed to keep it in good repair." The province is making a one-time grant totalling $215 million to repair and upgrade social houslng In the province, lncluding $172.5 million for non-profits and co- ops. These fulnds are to recti- fa situation that has had a detrimental effect on Ontario's social housing. ln June, 1992, a moratorium was placed on frrnding capital replacement reserves, which lead to no funds being avail- able to social housing providers for more than five years. "Our goverrnent believes we need to ensure the long term viability of social hous-, ing for both the residents and the housing providers, as well as ensure the taxpayers' investment is protected,"' stat- ed MPP OToole. 'The previ- ous govemnment made a very short-sighted decision not to fund capital reserves in social housing and we do not lntend to repeat that mistake." Funding allocations are based on a model that takes lnto account the age of each building, nd the useful life spant of each building's capi- tal components. Reserves are used for ongoing repairs and for the replacement of items such as roofs, plumblng and heating equlpment, as well- as items such as stoves and refrigerators in indIvidual units. Theremainlng $42 million, in funding will be allocated to Ontario Houslng Corporation for capital repairs and. upgrades to the stock of pub- lic houslng. cSt. Stephen's Secondary School R.R. 4, Concession Sreet East Bowm-anville, Ontario LIC 3K5 ' ~TeF(905) 623-3990 or Fax: (905) 623-9991 Principal: Mary-Cathe ine Kelly, B.Sc, B.Ed, M.Ed. don Meedn For Parents of Grade 8 Students Tuesday, January 20, 1998 at 7:00 p.m. P-resentation in the Auditorium NEWCASTLE FUNERAL HOME FunertfDirector - Carl CToodi Personal, professional, affordable service, wvith 25 years expenence meeting families' needs, including cremation and memorial options. Prepayment terme of up to ten years. 386 Mill Street South, Newcastle (Yusr înirtIh f 401 - Prkng ff -Rj6ert Streelét) (905) 987-3964 J Orono WeeMy Times, Wednesday, Jan-aary 14, 1 Ç08 - 7