A recent survey compared corporate governance practices of 23 resource and energy sector firms in Canada against 10 indicia of effective governance advocated by regulators and stock exchanges. The second of the indicia listed was strategic planning and risk management. It reported that a TSX survey in 2001 of 600 Canadian companies found less than 40% had a formal procedure for oversight of risk management to monitor the financial health of the firm, plan for market shifts and shocks, and manage risks so as to create long-term economic and financial viability.