Letter from the Chair
It is again my pleasure to report to you on behalf of TMX Group’s Board of Directors. This past year was a difficult one for capital markets in Canada and around the world. Despite these challenging times, TMX Group continues to move forward and evolve. The integration of the Montreal Exchange is well underway and we are already seeing the benefits of the combination. In our view, the unification of Canada’s cash and derivatives markets represents a compelling growth opportunity for TMX Group.
In 2008, the Board entered into a process to appoint a new chief executive officer for the organization, following Richard Nesbitt’s departure early in the year. We were very pleased to name Thomas Kloet as our CEO last June. Tom brings a wealth of experience in the financial services and public exchange sectors, with particular expertise in derivatives markets. On behalf of all shareholders, I would like to thank interim Co-CEOs, Michael Ptasznik and Rik Parkhill, for their leadership in guiding the operations and advancing the strategic initiatives of the company throughout the first half of the year.
I want to thank my fellow TMX Group Directors for their contributions at the Board’s regular and special meetings last year, and particularly throughout the CEO selection process. On behalf of the Board of Directors, I would also like to express gratitude to three of our members, Raymond Garneau, Owen McCreery and Carmand Normand who will step down at our annual meeting. The Board continues to work with our senior management team to build on our track record of strong operating performance and execute on our long term strategy for growth.
In closing, I would like to thank TMX Group management and employees for their diligence in 2008 and express my confidence in their ability to move us towards a promising future.
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| Wayne Fox Chair, Board of Directors |
