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CCCA_V7No2_GlobalOutlook-FIN_CCCA 13-05-16 4:11 PM Page 25 Feature — Conférence Nationale du Printemps “The market never sleeps, the market constantly moves. As executives... we have to be able to react immediately to the situation." Joe Bradford Left to right: Joe Bradford, vice-president, joint venture and legal, CNOOC Canada; Gary Graham, Partner, Gowlings; Riccardo Trecroce, vice-president and GC, North America, Magna International Inc. s globalization changes how businesses operate in the face of an uncertain global economy and the emer- gence of new competitors, general counsel are feeling the squeeze. But it's not all bad news: at the same time, Achange is opening up new opportunities as organizations grow their markets around the world. Flexibility and quick reflexes seem to be the key to survival. First, the squeeze. How do you help senior management lead change at a company in perilous times? If you work for a development company that is looking for capital as the world economy teeters on the brink of col- lapse, you get creative and make some tough choices. In 2008, OPTI Canada needed capital to continue operations in the Long Lake oil sands project, and financ- ing was drying up. The company had based much of its financing on debt and the pressure was on when it became clear the markets were shutting down, says Joe Bradford, OPTI's general counsel at the time. Rather ÉTÉ 2013 CCCA Canadian Corporate Counsel Association 25