Publications 

15 November 2012

Rona puts up legal barrier to Invesco board challenge

“[…] Invesco bought the bulk of its current Rona stake in May 2007 at a price varying between $17.10 and $17.75 per share so its current state of mind is understandable given the share drop since then, said Yvan Allaire, executive chair of Montreal’s Institute for Governance of Private and Public Organizations. Still, Invesco backed […]

6 November 2012

Notes on a flawed study

In October 2012, Investor Responsibility Research (IRRC) Institute and ISS, the proxy management firm, jointly published a study purporting to assess the relative performance of controlled companies listed on exchanges in the United States (the S&P 1500 Composite Index). The study has received little notice in the Canadian media (but for the Globe and Mail, […]

8 October 2012

A Reply to Conrad Black

«As Quebec decays, Toronto seizes greatness» is the latest epistle of Conrad Black wherein he vents his disdain for Quebec in general and its «separatists» in most virulent particular. (The National Post, October 6th 2012) The affront pains coming from a man of Black’s experience, indeed a man who suffered the lashes of unjust accusations […]

18 September 2012

Rona shareholders first victims of Quebec’s growing protectionism

” […] Like the PQ, the CAQ is intent on keeping corporate headquarters in the province intact after a rash of buyouts in recent years hollowed out local decision-making at companies such as Alcan and Molson. They argue head office power means jobs for local accountants and bankers and suppliers, a whole ecosystem of employment that […]

23 August 2012

Do your shares have the power?

[ … ] Yvan Allaire, chairman of the board of the Institute for Governance of Private and Public Organizations (IGPPO) and a professor emeritus at Universite du Quebec a Montreal, estimated that 13 per cent of the 253 companies on the TSX/S&P composite index in 2008 had some form of dual-class voting structure. For the last […]

10 August 2012

Quebec’s move to shield Rona from Lowe’s takeover could end badly

[…] “Yvan Allaire, chairman of the Institute for Governance of Private and Public Organizations, argues that the real rationale for Quebec’s meddling in Rona is to counter the difficulty, under current securities regulations, for the company’s board to reject a hostile takeover attempt. That compares with the United States, where boards have more power under […]

8 August 2012

Rona battle highlights impotence of boards: Prof

“Quebec-based home improvement retailer Rona Inc. (RON.TO 10.93 -0.08 -0.73%) has found itself in the crosshairs of an unsolicited takeover approach from its American rival Lowe’s Cos (LOW.N 45.14 0.51 1.14%) — even as Rona’s board and management have publicly stated they’re not interested. For Yvan Allaire, Institute for Governance of Private and Public Organizations […]

7 August 2012

Doing Business With Quebec Inc.

7 August 2012

Doing Business With Qc Inc.

3 August 2012

The real Rona lesson: Update takeover rules

In the U.S. when the board says no to a would-be acquisitor, the matter is largely settled. English-Canadian media are in a tizzy. The Quebec government wants to block the takeover of Rona by the American Lowe’s Cos. Inc. Nationalistic impudence, misguided tampering with financial markets, jingoistic economic policies — the salvo of epithets has […]

12 June 2012

Corporate leaders suffer under the capitalist gun

Pity Indra Nooyi. When she won the coveted post of CEO at PepsiCo Inc. in 2006, she indicated she wanted to shift Pepsi from snack foods to health foods and from caffeinated colas to juices. “It doesn’t mean subtracting from the bottom line,” she argued: The company would simply bring together what is good for […]

24 May 2012

FP Letters to the Editor: Small firms need options as incentives

“Re: “Stock Options Under Attack,” Barbara Shecter, May 23 Rewarding executives with stock options may be a mistake in some circles, as claimed by the Institute for the Governance of Private and Public Organizations, but they are essential tools to attract and retain skilled management in many small and medium-sized enterprises (SMEs). Companies that have yet […]

22 May 2012

Canadian companies urged to end stock option rewards

“An influential group including representatives of Canada’s business, regulatory and academic circles is calling for an end to the “mistake” of rewarding executives with stock options. The Institute for the Governance of Private and Public Organizations issued the bold challenge Tuesday as part of package of recommendations aimed at reining in executive pay and tying […]

14 May 2012

Counterpoint: Resist the U.S. hedge-fund invasion

Usually, they just extract cash, spin off units or sell the company. A typically Canadian storyline has become conventional wisdom to ­explain the Canadian Pacific saga. Clubby Canadian board members, comfortable with the status quo and reluctant to rock the boat, lest they diminish their attractiveness as corporate directors, watch passively as shareholder value is […]

12 May 2012

Corporate Governance versus Hedge Fund Activism

A typically Canadian storyline has become conventional wisdom to explain the Canadian Pacific saga Clubby Canadian board members, comfortable with the status quo and reluctant to rock the boat, lest they diminish their attractiveness as corporate directors, watch passively as shareholder value is destroyed by incompetent management. Institutional investors, pension funds in particular, hide their […]

10 May 2012

Proxy advisors: Who are these guys?

ISS backed Pershing long before CP battle The news that an American firm had come out in support of Pershing Square Capital’s slate of directors for the board of Canadian Pacific was ­received with bluster and fanfare in Canadian media. There is something strange, even bizarre, in an American outfit making pronouncements about the fate […]