11 May 2011

Five years after the adoption of Bill 53

In a report the IGPPO recently assessed the progress of governance modernization efforts in Quebec state-owned corporations since the establishment of modern rules and new disclosure norms five years ago. According to the report, Quebec-government owned corporations have conformed well to the disclosure provisions of Bill 53, which was adopted in 2006. However the IGPPO […]

23 March 2011

The place of women on board

In 2010, 14.4% of board members of the 100 largest Canadian publicly listed corporations were women. During the year 2010, roughly 7% of these board members were replaced and for one in five cases by a woman. (Source: Spencer, Stuart, Corporate Board Report, 2010). Even to a patient, passive observer, it is clear that the […]

16 March 2011

Management of the health and social services network: Bill 127

The IGOPP approves several elements in the bill, that are in line with the recommendations contained in its report, published in 2008, on governance in Quebec public sector health and social services establishments. However, the IGOPP believes that the four following parts of the bill should be modified, in order to improve governance in the […]

1 March 2011

After the meltdown

The financial crisis of 2007-08 has generated new rules, regulations and guidelines to cope with the flaws and faults of the international financial system. What kind of regulatory context is likely to evolve from this massive effort? Will it be sufficient to prevent the next bubble and crisis? Or is this only a political operation to placate an angry […]

28 February 2011

No one (in Ottawa) would listen!

Of all the convoluted arguments marshaled to support the case for a centralized, national securities commission, none is more shop-worn than pointing to the shining example of the American Securities and Exchange Commission (SEC). Clearly, it is asserted with a booming voice, modern financial markets require tightly coordinated regulations and enforcement, which only a single, […]

1 January 2011

The enhanced regulation of financial markets:

To stifle financial speculation and ban the shenanigans that brought on the devastating stock market crash of 1929, the U.S. Congress enacted a series of measures to save a moribund capitalist system. The Glass-Steagall Act of 1934, in barely 53 pages, mandated a new regulatory framework for banks and other financial institutions in the United […]

10 December 2010

The tired and tiresome arguments for a national securities commission

In the Globe and Mail of December 1st, Mr. Monahan states boldly, peremptorily, that “The policy case for a single national regulator is surely overwhelming”. But it is not, far from it. His first argument, if that is what it is, has to do with the issuance of shares in all parts of Canada. Mr. […]

5 December 2010

Governance at Maple Leaf Foods

Being subjected to a lesson in governance by a hedge fund, as the Maple Leaf Foods Corporation has to endure, is somewhat akin to being lectured on abstinence and modesty by the residents of the Mustang Ranch bordello in Nevada. Hedge funds, more appropriately called “speculative funds” in most cases, have resisted all efforts of […]

12 November 2010

Parliamentary committee studying Bill 123

The IGOPP, through its chairman of the board and general manager presented a brief to the Committee on Public Finance regarding Bill 123, an Act Respecting the Amalgamation of the Société Générale de Financement du Québec and Investissement Québec. This brief details the Institute’s comments on the legislation as well as a set of concrete suggestions. […]

5 November 2010

The Sale of Potash:

The Canadian government blocked the company BHP-Billiton from acquiring Potash Corp, giving the would-be acquirer 30 days to improve on its offer. Why, after Alcan, Falconbridge, Inco and others would the Canadian government even consider approving this deal; because Canada, it seems, is easily intimidated when it comes to the rough game of international competition. […]

19 October 2010

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 […]

7 September 2010

Potash and Couche Tard :

*(The opinions expressed herein are the author’s and not necessarily those of IGOPP or of its board of directors) In April 1990, the Pennsylvania legislature enacted one of the strongest anti-takeover bill passed by any state. The immediate purpose of that bill was to block the Canadian Belzberg family in its attempt to acquire Armstrong World Industries, […]

5 June 2010

Magna and the price of control

(The opinions expressed in this text are those of the writer and not necessarily those of the Institute or of its board of directors) Alas, the company’s magna cum laude performance as a first rate industrial concern is not matched by its performance in the shareholder business, where it deserves a severe magno cum opprobrio. […]

1 June 2010

Obsessing about a national securities commission

(This comment reflects the opinion of the author and not necessarily that of the Institute or of its board of directors) It is curious, even strange, to hear the federal finance minister on May 26th 2010 repeat, like a well-trained parrot, the same lame arguments about why Canada must have a single, national, securities commission. […]

28 February 2010

Is Say on Pay An Effective Governance Tool ?

This report examines whether Say on Pay is a useful tool to ensure that executive compensation plans are designed in a way that is consistent with the firm’s best interests. It addresses five related questions: What is Say on Pay? What does Say on Pay imply about governance? What means are available to provide shareholders […]

27 January 2010

Rethinking Values in the Post-Crisis World

Dr. Yvan Allaire’s presentation at the World Economic Forum 2010 – Davos summit.