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Howard Rosen

Howard Rosen

SecretariatBay Adelaide Centre, East Tower22 Adelaide Street West, Suite 2450TorontoOntarioCanadaM5H 4E3

Thought Leader

WWL Ranking: Global Elite Thought Leader

WWL says

Howard Rosen is a leading Canadian expert witness and renowned specialist on valuation and damages matters. Clients hail him as “a terrific testifying witness with great ability on the stand”.​

Questions & Answers

Howard Rosen is a managing director with Secretariat and has over 38 years’ experience of advising on all aspects of business valuations, damages quantification, and corporate finance-related matters. He has acted as an advisor to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. His work experience covers assignments across North and South America, Europe, the Middle East, Africa and Asia. Howard has provided expert witness testimony in damages quantification and valuation matters in courts in Canada and the United States and also in international arbitration hearings in North and South America, Asia, Africa, Europe and the Middle East, on over 100 occasions.

Why should neutrality be the foremost value a party-appointed testifying expert embodies? 

The essence of expert evidence is to assist the triers of fact in understanding complex issues to allow them to arrive at a well-reasoned award. If the triers of fact cannot reasonably rely on the neutrality of experts to provide them with honest, unbiased opinions, it undermines their confidence, and the usefulness of calling expert evidence. Neutrality is also be important for clients in assisting them to make rational decisions regarding bringing/defending claims, and the potential for settlement.

In your opinion, how might younger experts move into a testifying role? Why is it important for those within the arbitration community to encourage this move?

Emerging experts need to be given the opportunity to work alongside experienced experts so that there is a constant pipeline of new experts. This is largely achieved by allowing emerging experts to co-sign reports and to co-testify with more experienced experts. It is only through actual experience that instructing counsel can see how these younger experts perform in real life situations, and how younger experts learn.  The co-authoring/testifying role exposes the client to minimal risk (in that the experienced testifier is there to deal with potentially difficult issues), while affording the emerging expert the valuable experience required. Although there may seem to be an additional cost associated with this process, it is largely overcome by the reduction in preparation time for the more experienced expert (mostly in preparing to be cross-examined on the detailed appendices to the expert report).

What advantages accompany employee diversity in expert practices, and what steps can firms take to improve their recruitment and retention? 

Employee diversity is an essential building block of every practice. It cannot be a buzzword, fashion, or a special initiative. It must be a part of your culture. Experts are presented with unique, unstructured problems to solve. Having people with different backgrounds, different upbringing/culture, and different points of view, provides an environment where you have the greatest opportunity to arrive at solutions that take all of this into account, and the greatest opportunity to succeed.

How has the dynamic between arbitral tribunals and experts changed over the years? How might this increase the value experts deliver to arbitrations? 

Arbitral tribunals have become more comfortable and more sophisticated in hearing expert evidence. Where awards used to devote scant space to the discussion of quantum, now it is an important part of almost every new award. Tribunals are engaging more directly with experts and demanding more transparency and clarity from them (joint expert reports, tribunal questions and hot tubbing).

How has covid-19 affected the damage calculations experts can conduct at this time, and how are you adapting to these changes? 

The current coronavirus pandemic has created an environment of risk which affects the value of businesses and damage calculations. Some of the impact on value will be short-term, and some will have longer lasting implications. Since value is measured at a specific point in time, the effect of the pandemic will be specific to each situation. All that is clear now, is that no one knows how long the pandemic will last and when the global economies will reopen and start to grow again.

From your standpoint, how is increased scrutiny towards social and environmental welfare affecting investment treaty arbitrations? 

There is a greater awareness and acceptance of requiring not only regulatory and environmental licences to operate in developing countries, but a “social licence” as well.  Ensuring fair treatment and engagement with indigenous communities is essential for businesses to succeed. Because of this, it is an important issue that should be addressed in any valuation of damages.

You have enjoyed a very distinguished career so far. What would you like to achieve that you have not yet accomplished?

I enjoy the expert practice very much, and it’s not so much trying to accomplish a specific goal, as it is to continue to provide an environment for younger experts to learn and grow into testifying experts, and to continue to engage in meaningful expert work.

What advice would you give to younger experts hoping to one day be in your position?

Prepare. Prepare. Prepare.

WWL Ranking: Global Elite Thought Leader
Thought Leaders Global Elite - Quantum of Damages 2021
WWL Ranking: Global Elite Thought Leader
Thought Leaders - Arbitration Expert Witnesses 2020

Q&A

WWL Ranking: Thought Leader

WWL says

Howard Rosen is a star of the international expert witness market. Market sources describe him as “at the top of the valuation field” and report that he is “deservedly considered one of the best” damage quantification and valuation expert witnesses around.

Questions & Answers

Howard Rosen has over 38 years’ experience advising on business valuations, damages quantification, and corporate finance matters on a wide variety of industries, covering assignments across North and South America, Europe, the Middle East, Africa, and Asia. Howard has testified on over 100 occasions and sat as a member of an arbitral tribunal as well as a sole arbitrator. Howard is the co-author of two texts, and a number of chapters and articles, on the quantification of economic damages, and has lectured extensively to professional interest groups.

What inspired you to specialise in arbitration?

I received an enquiry in the mid-late 1990s to work on the first NAFTA dispute. Shortly afterwards I was retained in an international commercial arbitration in India. These cases opened the world of international arbitration to me and revealed the interesting and complex nature of international disputes.

What has been the most rewarding part of practising in such an international discipline? 

Participating in educational and training events to enhance the quality of the international arbitration profession around the world has been enormously rewarding. It has afforded me the opportunity to work and interact with people from widely divergent backgrounds; it has been invaluable to me as a professional, and allowed me to grow and expand my knowledge. 

How has the approach to quantifying economic damages evolved since you first began practising?

The basic principles of economic damages (to put the party in the position they would have enjoyed but for the breach, or wrong) have not changed; however, the sophistication of arbitrators hearing this evidence has grown. We are now able to have a more engaged tribunal listen to evidence on damages and interact with the experts to understand the principles upon which our calculations are based. 

How important is the separation between the roles of experts and counsel in the arbitration process?

The role of the expert is something I have written about extensively. It is imperative that experts understand the need to be independent from the counsel/client retaining them, and have an overriding responsibility to the arbitral tribunal. Without this independence, arbitrators will doubt the usefulness of their evidence, which will undermine the entire process.

What are the benefits of using concurrent expert evidence, or hot-tubbing, to provide expert testimony?

I find this to be some of the most useful evidence at a hearing. Experts tend to “push back” in cross-examination, but become more open and reasonable in their responses to questions from the arbitrators when their opposing colleague is sitting beside them. It also allows the arbitrators to evaluate the experts and form views based on a side-by-side comparison to similar questions.

What steps can younger experts take to improve their chances of getting testifying appointments? Is there an important role to play here for experienced practitioners? 

I believe it is incumbent on experienced testifying experts to train the next generation. I have a practice of having emerging experts co-sign expert reports where appropriate, and co-testify, again where the circumstances allow. Training is important and something we focus on, but there is no substitute for live experience.

What does diversity and inclusion mean to you and your practice?

Having a diverse and inclusive practice is something that should be embraced. We benefit greatly when we have professional teams that include people with different backgrounds, points of view and cultures.

Looking back over your career, what is the most memorable arbitration you have been a part of?

All the arbitration hearings that I’ve had the privilege to be part of are memorable. The most memorable cases in my career are those where my quantum analyses have been used to settle the matter before a hearing. Two African mining cases fall into this category, and from a professional satisfaction point of view, these would represent highlights in my career.

Global Leader

WWL Ranking: Global Elite Thought Leader

Peers and clients say

"I was impressed by his ability to cut through apparent complexity and communicate about valuation issues clearly and succinctly, both in his written and oral presentations"
"Howard is responsive and smart; a superb testifier who is able to clearly explain complex subjects to arbitrators"

Biography

Howard Rosen is a managing director at Secretariat, based in Toronto. Howard Rosen has over 38 years’ experience of advising on all aspects of business valuations, damages quantification, and corporate finance related matters. He has acted as an adviser to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. His work experience covers assignments across North and South America, Europe, the Middle East, Africa, and Asia. Howard has testified in damages quantification and valuation matters on over 100 occasions.

Howard has acted as court appointed administrator, monitor and inspector and sat as a member of an Arbitral Tribunal and sole arbitrator. He is the co-author of two texts, a number of chapters and articles on the quantification of economic damages and has lectured extensively to professional interest groups. Howard has acted as instructor at the NITA and FIAA expert witness trial practice programmes, the MIDS programme at the University of Geneva, and as an MBA instructor at York University’s Schulich School of Business in Toronto. Howard has been listed as one of the leading valuations and damages experts in Canada by Lexpert, and internationally by Who’s Who Legal as one of the top experts in international commercial arbitration worldwide, every year since the inception of the list in 2011.

Howard is recognised consistently by Who’s Who Legal annually in a number of key listings, most recently including: WWL Thought Leaders Global Elite 2020 as an arbitration expert witness, and quantum of damages expert, and WWL Thought Leaders: Arbitration, a global leader in WWL Arbitration 2020 as an expert witness, as an expert in both WWL Energy 2020WWL Mining 2020 and in WWL Consulting Experts 2020 in the financial adivisory and valuation – quantum of damages chapter. Howard was also listed as a national leader for WWL Canada 2020 as an arbitration expert witness.

Howard has also acted as adviser on transactions in a wide variety of businesses, for both public and private equity investors, conducting strategic due diligence, valuations and deal structuring for both buyers and sellers. Howard has advised independent committees of boards of directors on non-arm’s length transactions and has also acted as the chair of independent committees of boards of directors for non-arm’s length transactions.

Howard’s corporate finance experience extends to private equity investments, and managing investments through liquidity transactions, including sale to strategic buyers and IPO. Howard currently sits on the advisory committee of an institutional investor. Howard’s past board positions have included a global agriculture trading business (vice-chair and lead independent director), a junior resource company (gas and mining), a medical software and devices company where he served as chair of the audit committee, as well as a specialty manufacturer.

Howard is also a Qualified Valuator under the Canadian CIMVAL standards.

Energy Experts 2020

Professional Biography

WWL Ranking: Recommended

WWL says

Howard Rosen is credited with “razor-sharp intellect” and an “ability to explain highly technical and complex issues in a way that others can understand”. 

Biography

Howard Rosen is a managing director at Secretariat and is based in Toronto. Mr Rosen has over 38 years’ experience of advising on all aspects of business valuations, damages quantification and corporate finance-related matters. He has acted as an adviser to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. His work experience covers assignments across North and South America, Europe, the Middle East, Africa, and Asia. Howard has provided expert witness testimony before courts and arbitral tribunals on over 100 occasions.

Howard has acted as court-appointed administrator, monitor and inspector, and sat as a member of an arbitral tribunal and sole arbitrator. He is the co-author of two texts, and several chapters and articles, on the quantification of economic damages; and he has lectured extensively to professional interest groups. Howard has acted as instructor at the NITA and FIAA expert witness trial practice programmes, and the MIDS programme at the University of Geneva; and as an MBA instructor at York University’s Schulich School of Business in Toronto.

Howard is consistently recognised in WWL annually across several areas. He is recommended in the most recent editions of WWL Thought Leaders Global Elite: Arbitration Expert Witnesses, WWL Thought Leaders Global Elite: Quantum of Damages, WWL Thought Leaders: Arbitration, WWL: Energy and WWL Thought Leaders Global Elite: Mining. He is also recommended in the arbitration: expert witnesses section of WWL Canada; and the financial advisory and valuation experts section of WWL: Global Elite Thought Leaders: Quantum of Damages.

Howard has also acted as adviser on transactions in a wide variety of businesses, for both public and private equity investors, conducting strategic due diligence, valuations and deal structuring for both buyers and sellers. Howard has advised independent committees of boards of directors on non-arm’s-length transactions and has also acted as the chair of independent committees of boards of directors for non-arm’s-length transactions.

Howard’s corporate finance experience extends to private equity investments, and managing investments through liquidity transactions, including sale to strategic buyers and IPO. Howard has acted as a director for several public companies, and chaired audit and governance committees.

Howard is a qualified valuator under the standards and guidelines for the valuation of mineral properties promulgated by the Canadian Institute of Mining's special committee on valuation of mineral properties (CIMVAL).

WWL Ranking: Recommended

WWL says

Howard Rosen draws universal endorsements as an international leader for his “ability to cut through apparent complexity and communicate about valuation issues clearly, succinctly and forcefully”.

Biography

Howard Rosen is a managing director at Secretariat, based in Toronto. Howard Rosen has over 38 years’ experience of advising on all aspects of business valuations, damages quantification, and corporate finance related matters. He has acted as an adviser to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. His work experience covers assignments across North and South America, Europe, the Middle East, Africa, and Asia. Howard has testified in damages quantification and valuation matters on over 100 occasions.

Howard has acted as court appointed administrator, monitor and inspector and sat as a member of an Arbitral Tribunal and sole arbitrator. He is the co-author of two texts, a number of chapters and articles on the quantification of economic damages and has lectured extensively to professional interest groups. Howard has acted as instructor at the NITA and FIAA expert witness trial practice programmes, the MIDS programme at the University of Geneva, and as an MBA instructor at York University’s Schulich School of Business in Toronto. Howard has been listed as one of the leading valuations and damages experts in Canada by Lexpert, and internationally by Who’s Who Legal as one of the top experts in international commercial arbitration worldwide, every year since the inception of the list in 2011.

Howard is recognised consistently by Who’s Who Legal annually in a number of key listings, most recently including: WWL Thought Leaders Global Elite 2020 as an arbitration expert witness, and quantum of damages expert, and WWL Thought Leaders: Arbitration, a global leader in WWL Arbitration 2020 as an expert witness, as an expert in both WWL Energy 2020, WWL Mining 2020 and in WWL Consulting Experts 2020 in the financial adivisory and valuation – quantum of damages chapter. Howard was also listed as a national leader for WWL Canada 2019 as an arbitration expert witness.

Howard has also acted as adviser on transactions in a wide variety of businesses, for both public and private equity investors, conducting strategic due diligence, valuations and deal structuring for both buyers and sellers. Howard has advised independent committees of boards of directors on non-arm’s length transactions and has also acted as the chair of independent committees of boards of directors for non-arm’s length transactions.

Howard’s corporate finance experience extends to private equity investments, and managing investments through liquidity transactions, including sale to strategic buyers and IPO. Howard currently sits on the advisory committee of an institutional investor. Howard’s past board positions have included a global agriculture trading business (vice-chair and lead independent director), a junior resource company (gas and mining), a medical software and devices company where he served as chair of the audit committee, as well as a specialty manufacturer.

Howard is also a Qualified Valuator under the Canadian CIMVAL standards.

Mining Experts 2021

Professional Biography

WWL Ranking: Global Elite Thought Leader

WWL says

Howard Rosen has a “great reputation in Canada” and stands out as a “superb testifier who is able to clearly explain complex subjects to arbitrators or judges”.

Biography

Howard Rosen is a managing director at Secretariat, based in Toronto. Howard Rosen has over 38 years’ experience of advising on all aspects of business valuations, damages quantification, and corporate finance related matters. He has acted as an adviser to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. His work experience covers assignments across North and South America, Europe, the Middle East, Africa, and Asia. Howard has testified in damages quantification and valuation matters on over 100 occasions.

Howard has acted as court appointed administrator, monitor and inspector and sat as a member of an Arbitral Tribunal and sole arbitrator. He is the co-author of two texts, a number of chapters and articles on the quantification of economic damages and has lectured extensively to professional interest groups. Howard has acted as instructor at the NITA and FIAA expert witness trial practice programmes, the MIDS programme at the University of Geneva, and as an MBA instructor at York University’s Schulich School of Business in Toronto. Howard has been listed as one of the leading valuations and damages experts in Canada by Lexpert, and internationally by Who’s Who Legal as one of the top experts in international commercial arbitration worldwide, every year since the inception of the list in 2011.

Howard is recognised consistently by Who’s Who Legal annually in a number of key listings, most recently including: WWL Thought Leaders Global Elite 2020 as an arbitration expert witness, and quantum of damages expert, and WWL Thought Leaders: Arbitration, a global leader in WWL Arbitration 2020 as an expert witness, as an expert in both WWL Energy 2020WWL Mining 2020 and in WWL Consulting Experts 2020 in the financial adivisory and valuation – quantum of damages chapter. Howard was also listed as a national leader for WWL Canada 2020 as an arbitration expert witness.

Howard has also acted as adviser on transactions in a wide variety of businesses, for both public and private equity investors, conducting strategic due diligence, valuations and deal structuring for both buyers and sellers. Howard has advised independent committees of boards of directors on non-arm’s length transactions and has also acted as the chair of independent committees of boards of directors for non-arm’s length transactions.

Howard’s corporate finance experience extends to private equity investments, and managing investments through liquidity transactions, including sale to strategic buyers and IPO. Howard currently sits on the advisory committee of an institutional investor. Howard’s past board positions have included a global agriculture trading business (vice-chair and lead independent director), a junior resource company (gas and mining), a medical software and devices company where he served as chair of the audit committee, as well as a specialty manufacturer.

Howard is also a Qualified Valuator under the Canadian CIMVAL standards.

National Leader

WWL Ranking: Recommended

WWL says

Howard Rosen enjoys a “stunning reputation” as “one of the very best expert witnesses in North America” thanks to his extensive experience handling complex valuations.

Biography

Howard Rosen is a managing director at Secretariat, based in Toronto. Howard Rosen has over 38 years’ experience of advising on all aspects of business valuations, damages quantification, and corporate finance related matters. He has acted as an adviser to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. His work experience covers assignments across North and South America, Europe, the Middle East, Africa, and Asia. Howard has testified in damages quantification and valuation matters on over 100 occasions.

Howard has acted as court appointed administrator, monitor and inspector and sat as a member of an Arbitral Tribunal and sole arbitrator. He is the co-author of two texts, a number of chapters and articles on the quantification of economic damages and has lectured extensively to professional interest groups. Howard has acted as instructor at the NITA and FIAA expert witness trial practice programmes, the MIDS programme at the University of Geneva, and as an MBA instructor at York University’s Schulich School of Business in Toronto. Howard has been listed as one of the leading valuations and damages experts in Canada by Lexpert, and internationally by Who’s Who Legal as one of the top experts in international commercial arbitration worldwide, every year since the inception of the list in 2011.

Howard is recognised consistently by Who’s Who Legal annually in a number of key listings, most recently including: WWL Thought Leaders Global Elite 2020 as an arbitration expert witness, and quantum of damages expert, and WWL Thought Leaders: Arbitration, a global leader in WWL Arbitration 2020 as an expert witness, as an expert in both WWL Energy 2020WWL Mining 2020 and in WWL Consulting Experts 2020 in the financial adivisory and valuation – quantum of damages chapter. Howard was also listed as a national leader for WWL Canada 2019 as an arbitration expert witness.

Howard has also acted as adviser on transactions in a wide variety of businesses, for both public and private equity investors, conducting strategic due diligence, valuations and deal structuring for both buyers and sellers. Howard has advised independent committees of boards of directors on non-arm’s length transactions and has also acted as the chair of independent committees of boards of directors for non-arm’s length transactions.

Howard’s corporate finance experience extends to private equity investments, and managing investments through liquidity transactions, including sale to strategic buyers and IPO. Howard currently sits on the advisory committee of an institutional investor. Howard’s past board positions have included a global agriculture trading business (vice-chair and lead independent director), a junior resource company (gas and mining), a medical software and devices company where he served as chair of the audit committee, as well as a specialty manufacturer.

Howard is also a Qualified Valuator under the Canadian CIMVAL standards.

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