May 31, 2013

Quebec Inc. speaks with one voice on hostile takeovers

Interview with Yvan Allaire | The Globe and Mail

[…] “Nearly half of Quebec’s 50 most valuable companies have neither a controlling shareholder nor the protection of dual-class shares. As such, they are technically up for grabs. SNC-Lavalin, Metro, Dollarama, Gildan Activewear and Osisko Mining are the most important by market capitalization. What is more, only eight of those 24 companies are incorporated in Quebec, where Finance Minister Nicolas Marceau is mulling additional protective measures to prevent the hollowing out of the province’s head offices.

“Of all the developed countries, Canada is the place where the boards are the most powerless. Their role is limited to that of an auctioneer,” said Yvan Allaire, chair of the Institute for Governance of Private and Public Organizations, which organized Friday’s conference” … Read more