Topic Results: Head offices

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 […]

May 31, 2013

Quebec corporate leaders call for more board power

“Metro Inc. chief executive officer Eric La Flèche is calling for changes to securities regulation so boards can reject hostile takeover bids without presenting the offer to shareholders. New Quebec rallying cry: Save our grocer A Montreal think-tank founded by former premier Jacques Parizeau says Quebec’s “food sovereignty” would be at risk if grocery chain […]

May 31, 2013

Quebec Inc. speaks with one voice on hostile takeovers

[…] “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 […]

November 27, 2012

‘Takeovers are coming’: Some of Quebec’s biggest companies vulnerable to foreign bids

“Half of Quebec’s 50 biggest publicly traded companies are vulnerable to foreign takeover attempts, new research suggests. It’s a statistical call to arms from a leading corporate expert who argues Quebec is doing the right thing in taking national ownership of the “say no” fight after Ontario ignored it for years. Yvan Allaire, a former […]

November 15, 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 […]

September 18, 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 […]

August 10, 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 […]

August 7, 2012

Doing Business With Quebec Inc.

August 3, 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 […]