Telus 2007 Annual Report Download - page 41

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TELUS shares held by directors and executive officers
As at March 10, 2008, the directors and executive officers of TELUS, as a group,
beneficially owned, directly or indirectly, or exercised control or direction more than
97,285 Common Shares, which represented approximately 0.03 per cent of the
outstanding Common Shares and 482,859 Non-Voting Shares, which represented
approximately 0.15 per cent of the outstanding Non-Voting Shares.
Cease trade orders, bankruptcies, penalties or sanctions
Other than as disclosed, for the ten years ended December 31, 2007, TELUS is not aware
that any current director or officer of TELUS had been a director or officer of another issuer
which, while that person was acting in that capacity, became bankrupt or made a proposal
under any legislation relating to bankruptcy or insolvency or was subject to or instituted any
proceedings, arrangements or compromises with creditors or had a receiver, receiver
manager or trustee appointed to hold its assets. In December 1998, John Lacey was asked
by a group of shareholders to lead the Loewen restructuring, as Chairman of the Board, a
position he held at the time of Loewen's filing under Chapter 11 of the U.S. Bankruptcy Code
and the Companies' Creditors Arrangement Act (Canada) (“CCAA”). In March 2006, Mr.
Lacey was appointed to the board of directors of Stelco Inc. (“Stelco”) as a nominee of
Tricap Management Limited (“Tricap”). Stelco filed for bankruptcy protection under the
CCAA in January 2004. Mr. Lacey’s appointment as a director was part of a court
supervised restructuring, from which Stelco emerged on March 31, 2006 and pursuant to
which Tricap had the right to appoint four of Stelco’s nine directors. Charles Baillie was
formerly a director of Dana Corporation, which filed for bankruptcy in March 2006 under
Chapter 11 of the U.S. Bankruptcy Code. He ceased to be director when the company
emerged from bankruptcy on February 1, 2008.
Other than as disclosed, for the ten years ended December 31, 2007, TELUS is not
aware that any current director or officer of TELUS had been a director, chief executive
officer or chief financial officer of another issuer which was the subject of a cease trade
or similar order while that person was acting in that capacity, or was subject to such an
order issued after the director or executive officer ceased to be a director, chief
executive officer or chief financial officer and resulted from an event that occurred while
that person was acting in that capacity, or any order which denied such company access
to any exemption under securities legislation for a period of more than 30 consecutive
days. On June 14, 2006, and at the request of Cognos Incorporated (“Cognos”), the
Ontario Securities Commission (“OSC”) issued a cease trade order against all directors
of Cognos, including Pierre Ducros, in connection with a delay in filing its annual report
with Canadian regulators. The delay was related to a review by the United States
Securities and Exchange Commission (“SEC”) of the way Cognos allocated revenue
between post-contract customer support and licence fees. The OSC lifted the cease
trade order on August 3, 2006 after the SEC concluded that it did not object to Cognos’
revenue recognition policy. Mr. Ducros ceased to be a director of Cognos in February
2008 after its takeover by IBM.