Topic Results: Head offices

May 14, 2019

Short-term thinking forcing companies to delay IPOs, opt for dual-class shares: Governance expert

Yvan Allaire, executive chair at the Institute for Governance of Private and Public Organizations, joins BNN Bloomberg to discuss “quarterly capitalism” in light of WestJet CEO Ed Sims’ warning on the destruction it brings to long-term company plans. To watch this interview, please click here.  

April 26, 2019

It Stays in the Family – Dual Voting Share Structures for Family Businesses

For many family businesses, control of long-term direction and management of the family corporation are key issues, particularly during times of growth or periods of succession. The Institute for Governance of Private and Public Organizations (“IGOPP”) recently published a new policy paper that should be of interest to family businesses and their advisors in planning the capital […]

March 21, 2019

Quebec budget includes $1-billion to keep head offices, like SNC-Lavalin’s, in the province

[ … ] The Quebec government has set aside $1-billion to encourage strategically important businesses to keep their head offices in the province, a measure Finance Minister Eric Girard says he could use to protect the Montreal executive suites of SNC-Lavalin Group Inc. Mr. Girard announced the measure Thursday in his Coalition Avenir Québec government’s […]

February 14, 2019

Why Quebec sees SNC-Lavalin as an asset, not a liability

In Ottawa, there appears to be little sympathy these days for SNC-Lavalin, the giant engineering corporation facing prosecution for bribery schemes in Libya. The company was hoping to strike a deal with federal prosecutors in order to avoid a trial. If guilty, it would be cut off from lucrative Canadian government contracts for a decade. […]

February 14, 2019

‘It’s sad’ no one asked questions while SNC profits soared: Ex-Caisse exec

The long series of scandals ensnaring SNC-Lavalin Group Inc.  has one former executive of the Caisse de dépôt et placement du Québec calling for more accountability when it comes to corporate bribes for global contracts. Michel Nadeau, a former deputy chief executive of Caisse – the largest shareholder in SNC – told BNN Bloomberg on […]

February 21, 2017

Quebec takes aim at foreign takeovers with new watchdog group

In the wake of several high-profile takeovers of Quebec companies, such as Rona Inc. and Cirque du Soleil, the provincial government is implementing new measures aimed at promoting the growth of local businesses while maintaining corporate head offices in the province. Premier Philippe Couillard’s government said Tuesday it would set up a watchdog group to […]

September 29, 2016

IGOPP is publishing a research study on corporate head offices located in Quebec

More than six months after the fact, the sale of Rona to Lowe’s, a U.S. corporation, continues to generate political controversy. This raises the question: how many large Quebec corporations are vulnerable to a foreign takeover with the consequent loss, sooner or later, of the strategic functions associated with their head offices. Such a takeover […]

September 29, 2016

What’s the risk of losing a significant number of corporate head offices now located in Quebec?

More than six months after the fact, the sale of Rona to Lowe’s, a U.S. corporation, continues to generate political controversy. Lowe’s’ first attempt to acquire Rona in 2012 turned more or less hostile in nature, sparking a strong reaction from the Quebec government at the time. The government ordered the financial institutions under its […]

June 8, 2016

Canadian Global Champions: Their nature and staying power

It is a common lamentation (and a media favourite) to bemoan the passing of large Canadian companies into the hands of foreign owners. Quebec society, for a host of reasons, has been and remains particularly sensitive and reactive to these occurrences. Yet, no sovereign country can be indifferent to the fact that important economic decisions […]

February 3, 2016

Quebec nationalists enraged by $3.2B sale of Rona ‘jewel’ to U.S.-based Lowe’s

MONTREAL — News coverage of Rona Inc. in recent years has described the Quebec-based hardware chain as “embattled,” “under-performing,” “struggling” and “slumping.” […] Yvan Allaire, president of the Montreal-based Institute for Governance, considers himself a nationalist when it comes to protecting key industries. For example he opposed Rio Tinto’s 2007 takeover of Alcan, which saw […]

September 2, 2014

Why Tim Hortons is not buying Burger King?

Although smaller than Burger King, Tim Hortons (TI) is more profitable and better managed than Burger King. Their stock market valuation is comparable. Why then is it not Tim Hortons that is trying to buy Burger King? TI becomes a target of hedge funds One must recall that in early 2013, two activist funds (Scout […]

May 14, 2014

Should shareholders rule? Yes, it’s the law

“Yvan Allaire’s recommendation would have securities regulators abdicate their statutory responsibilities. Despite having declared elsewhere that governance by directors of public corporations is “a fiduciary façade for shareholders … largely a mirage” (The limits of “good” governance: Confession of the former chairman of SNC-Lavalin, 2013), Mr. Allaire repeats his earlier argument, suggesting that securities regulators […]

March 17, 2014

“Quebec securities regulator seeks compromise with provinces on takeover rules”

“Quebec’s market watchdog says it is pursuing talks with other provinces to try to strike a compromise on changes to Canada’s takeover bid and defensive tactics regulation. “The vulnerability of our public companies is a Canadian problem, not only a Quebec one,” Louis Morisset, chief executive of the Autorité des marchés financiers, said in the […]

February 25, 2014

Quebec’s tough anti-takeover talk is all to protect eight companies

[…] «That may be true. As Yvan Allaire of Montreal’s Institute for Governance wrote in an opinion piece this week: “The legislative measures the working group is proposing are draconian.” Among them: Allowing Quebec companies to adopt variable voting rights that could increase the longer shares are held (the aim being to keep the influence […]

December 6, 2013

Rethinking CEO’s golden parachute

[…] “Professor Yvan Allaire, chair of the board of directors of the Institute for Governance of Private and Public Organizations (IGOPP), an initiative of HEC Montréal and Concordia University, objects to CEOs receiving such large payments when a firm is sold. If it’s a negotiated sale, he believes CEOs with golden parachutes will be more […]

July 5, 2013

Canadian takeover regime

On March 13, 2013, the Autorité des marchés financiers and the Canadian Securities Administrators published, for comment, proposed amendments and changes to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Policy 62-203 Take-Over Bids and Issuer Bids, and National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues. On March […]