In preparation for this discussion, students should review disclosures relating to corporate governance in the most recent annual reports of CN Rail available on the System for Electronic Document Analysis and Retrieval (SEDAR). This information should be compared to the best practices in corporate governance studied in this module.

SEDAR is a free service in Canada where you can find the annual reports of all Canadian public companies and other regulatory filings. CNN's annual report has one page only (p. 87) on corporate governance, but they do make reference to the Delivering Responsibly section on their company website (top of main page) where you can find CN's Corporate Governance Manual. Students should read this manual and all other course materials related to corporate governance before attempting the discussion question.

Question: Does CN Rail have an effective corporate governance system? Explain.