Quebec corporate leaders call for more board power
Nicolas Van Praet | Financial Post“Metro Inc. chief executive officer Eric La Flèche is calling for changes to securities regulation so boards can reject hostile takeover bids without presenting the offer to shareholders.
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The comments Friday by the supermarket chain CEO come amid a simmering debate in Canada over so-called “just say no” provisions and how best to balance the rights of investors with the interests of a company’s other societal stakeholders. The discussion is particularly heated in Quebec, where lawmakers insist everything possible should be done to keep head offices of the province’s corporate champions intact.
“I’m concerned by the current laws and securities commission policies in place,” Mr. La Flèche told a conference organized by the Institute for Governance of Private and Public Organizations. “I don’t believe that a board has the powers needed to fulfill its mandate” … Read more
