Rona shareholders first victims of Quebec’s growing protectionismInterview with Yvan Allaire | Financial Post
” […] 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 Quebec has slowly bled over the years to other jurisdictions such as Toronto.
“It’s important that we build wealth in Quebec, that we reverse our poor standing in Canada,” CAQ leader François Legault said Tuesday, adding his party would support the PQ government agenda on a case by case basis.
How would the parties shelter corporate Quebec? First, by strengthening the legal power of boards to assess unwanted bids for their companies. As governance expert Yvan Allaire argues, the Quebec government’s vocal opposition to a Lowe’s takeover of Rona was a necessary warning shot because corporate takeover defences are weak in Canada. Give directors more power to say no and politicians won’t need to intervene.
The PQ and the CAQ also have plans for the Caisse de dépôt et placement du Québec […] Read more