<?xml version="1.0" encoding="UTF-8"?><?xml-stylesheet type="text/css" href="https://igopp.org/wp-content/themes/IGOPP/rss-style.css" ?><rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
	>

<channel>
	<title>IGOPPInvestisseurs institutionnels &#8211; IGOPP</title>
	<atom:link href="https://igopp.org/en/tag/investisseurs-institutionnels-fr-en/feed/" rel="self" type="application/rss+xml" />
	<link>https://igopp.org/en</link>
	<description></description>
	<lastBuildDate>Thu, 19 Mar 2026 18:23:46 +0000</lastBuildDate>
	<language>en-US</language>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>https://wordpress.org/?v=4.7.29</generator>
	<item>
		<title>Private market investors neglect risk in rush for returns</title>
		<link>https://igopp.org/en/private-market-investors-neglect-risk-in-rush-for-returns/</link>
		<comments>https://igopp.org/en/private-market-investors-neglect-risk-in-rush-for-returns/#respond</comments>
		<pubDate>Wed, 04 Dec 2024 15:16:42 +0000</pubDate>
		<dc:creator><![CDATA[IGOPP Site web]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Éthique]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>
		<category><![CDATA[Parties prenantes]]></category>
		<category><![CDATA[Stakeholders]]></category>

		<guid isPermaLink="false">https://igopp.org/private-market-investors-neglect-risk-in-rush-for-returns/</guid>
		<description><![CDATA[The recent scandal involving Adani Group and Canadian pension fund CPDQ exposes flagging standards as investors rush for private markets across emerging markets in Asia. [&#8230;] François Dauphin, who leads the Montreal-based Institute for governance of private and public organisations, identifies a concerning trend. He notes the investors&#8217; due dilligence is suffering under pressure to [&#8230;]]]></description>
		<content><![CDATA[The recent scandal involving Adani Group and Canadian pension fund CPDQ exposes flagging standards as investors rush for private markets across emerging markets in Asia.

[...]

François Dauphin, who leads the Montreal-based Institute for governance of private and public organisations, identifies a concerning trend.

He notes the investors' due dilligence is suffering under pressure to deploy capital quickly and achieve returns, often in unfamiliar investment vehicules.

''In recent years, there has been an abundance of capital from private funds or institutional funds looking for private investments opportunities to improve their total returns,'' Dauphin told AsianInvestor.

''The appeal of private placements lies in the potential of high returns, but the level of risk associated with such projects is also necessarily higher. This is all more true when distance does not allow for direct monitoring.''

Numerous institutional have rushed past standard risk assessment procedures in eagerness to secure leading investment positions, he added.

''This compromised approach to due dilligence has inevitably, led to adverse outcomes, as evidenced by the current situation in India.''

Read more [1]

[1] https://igopp.org/wp-content/uploads/2024/12/ASIANI1.pdf]]></content>
		<wfw:commentRss>https://igopp.org/en/private-market-investors-neglect-risk-in-rush-for-returns/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Indian billionaire Gautam Adani, former Caisse execs facing charges in the United States</title>
		<link>https://igopp.org/en/indian-billionaire-gautam-adani-former-caisse-execs-facing-charges-in-the-united-states/</link>
		<comments>https://igopp.org/en/indian-billionaire-gautam-adani-former-caisse-execs-facing-charges-in-the-united-states/#respond</comments>
		<pubDate>Fri, 22 Nov 2024 03:21:36 +0000</pubDate>
		<dc:creator><![CDATA[IGOPP Site web]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>

		<guid isPermaLink="false">https://igopp.org/indian-billionaire-gautam-adani-former-caisse-execs-facing-charges-in-the-united-states/</guid>
		<description><![CDATA[Caisse de dépôt et placement du Québec opened an office in India in 2016, betting that the country’s favourable demographics would fuel returns in renewable energy and transportation infrastructure. Now, the Canadian pension giant has become entangled in what U.S. authorities call “an elaborate scheme” to pay hundreds of millions of dollars in bribes in [&#8230;]]]></description>
		<content><![CDATA[Caisse de dépôt et placement du Québec opened an office in India in 2016, betting that the country’s favourable demographics would fuel returns in renewable energy and transportation infrastructure. Now, the Canadian pension giant has become entangled in what U.S. authorities call “an elaborate scheme” to pay hundreds of millions of dollars in bribes in the Asian country.
Federal prosecutors in New York unveiled charges [1] late Wednesday against Indian billionaire Gautam Adani and seven other individuals, including three former Caisse executives. They allege the 62-year-old tycoon and managers from energy subsidiaries of his business conglomerate conspired in a scheme to pay roughly US$250-million in bribes to Indian government officials. The payments were allegedly to help secure favourable contracts tied to a major solar energy project.
As part of the indictment, the U.S. Attorney’s Office in Brooklyn, N.Y., charged Cyril Cabanes, a former CDPQ managing director of infrastructure for the Asia Pacific region, with conspiracy to obstruct justice. Saurabh Agarwal, former managing director of CDPQ India, and Deepak Malhotra, a former director of infrastructure for South Asia at the Caisse, were charged with the same offences.
The Caisse itself has not been accused of any wrongdoing. But observers say the charges raise questions about how aggressively the Montreal-based pension fund manager is pushing into new countries, how deeply the executives it hires to represent it in those countries are vetted and whether its processes for making investment decisions are robust.
In all, the Caisse had US$7-billion in investments in India as of the end of 2023. Caisse-controlled Azure Power, a renewable energy developer in India, is near the centre of the U.S. allegations.
“This appears to be a culture of bribery and collusion at the very highest levels of this company in India,” said François Dauphin, chief executive of Montreal’s Institute for Governance of Private and Public Organizations. “Private placements can generate high returns, but it is situations like these that fully illustrate the level of risk associated with such projects.”
Prosecutors allege that the three former Caisse executives tried to thwart an investigation by deleting e-mails and presentations that summarized the bribes, and misled investigators from the Federal Bureau of Investigation, the Justice Department and the U.S. Securities and Exchange Commission (SEC).
The allegations have not been proven in court.
The scheme was concealed from U.S. banks and investors, from whom the defendants raised billions of dollars, according to the allegations. Mr. Adani is one of the world’s richest people, with an estimated net worth of nearly US$70-billion, according to Forbes, and he has close ties to Indian Prime Minister Narendra Modi.
Read more [2]

[1] https://www.theglobeandmail.com/business/international-business/article-former-caisse-executives-face-us-charges-in-alleged-bribery-scheme/
[2] https://igopp.org/wp-content/uploads/2024/11/Former-Caisse-execs-charges_The-Globe-and-Mail_Nov2024.pdf]]></content>
		<wfw:commentRss>https://igopp.org/en/indian-billionaire-gautam-adani-former-caisse-execs-facing-charges-in-the-united-states/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>South African prison scandal raises concerns over Caisse’s G4S connections</title>
		<link>https://igopp.org/en/south-african-prison-scandal-raises-concerns-over-caisses-g4s-connections/</link>
		<comments>https://igopp.org/en/south-african-prison-scandal-raises-concerns-over-caisses-g4s-connections/#respond</comments>
		<pubDate>Mon, 01 May 2023 19:26:06 +0000</pubDate>
		<dc:creator><![CDATA[IGOPP Site web]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Ethics]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>
		<category><![CDATA[Stakeholders]]></category>

		<guid isPermaLink="false">https://igopp.org/south-african-prison-scandal-raises-concerns-over-caisses-g4s-connections/</guid>
		<description><![CDATA[[&#8230;] Even before this latest scandal, questions were being raised about why a Canadian corporate pillar like the Caisse would jump into the security industry and, later, associate itself with a company like G4S, which has a checkered recent history. Critics say the pension giant, which administers the retirement funds for thousands of public-sector employees, has no business [&#8230;]]]></description>
		<content><![CDATA[[...]
Even before this latest scandal, questions were being raised [1] about why a Canadian corporate pillar like the Caisse would jump into the security industry and, later, associate itself with a company like G4S [2], which has a checkered recent history. Critics say the pension giant, which administers the retirement funds for thousands of public-sector employees, has no business being in the security sector and that the risks outweigh the returns. Others say it should use its muscle to push Allied harder on cleaning up G4S – and be fully transparent about its concerns.
“Doing something means either leaving or trying to be an agent of change,” said Yan Cimon, a specialist in corporate strategy and governance at Quebec City’s Laval University. “It’s clear that the status quo is not enough. You cannot sit back and wish for that G4S experience in South Africa to go away.”
Pension fund investments around the world are coming under increased scrutiny as environmental, social and governance (ESG) standards gain importance. Observers are asking whether it’s appropriate to direct retirees’ money into shares in gun manufacturers, oil and gas producers, and other companies often seen as offside on human progress efforts.
The Caisse has a policy on responsible investment in which it cautions it might invest in sectors that “may appear problematic from the standpoint of social responsibility.” It says it approaches those investments in part by taking a “collaborative approach” with the companies it holds in its actively managed portfolios, which includes communicating directly with a company’s executives or directors to discuss concerns.
The Globe and Mail sent the Caisse a series of questions about the South African controversy, and Allied’s ownership of G4S. The fund manager did not directly answer those questions but spokesman Conrad Harrington said it was following the situation in the country closely and takes any human-rights allegations “very seriously.”
Caisse “is one of the world’s most respected investors when it comes to ESG criteria – which we apply rigorously and consistently,” Mr. Harrington said in an e-mailed response. “There is no exception with this investment and we have an active ongoing dialogue with the company across a number of strategic matters. When Allied acquired G4S, they communicated plans to evaluate options for certain non-core businesses and these conversations are ongoing.”
The Caisse bought into Allied Universal in 2019 in a deal that valued the security company at US$7-billion, citing the industry’s organic growth and consolidation potential. It held a 27.7-per-cent stake in the company as part of $402-billion in assets under management at the end of 2022, according to its latest annual report; and it has two directors on Allied’s 11-member board. The largest shareholder in Allied is a group of funds controlled by New York-based private equity firm Warburg Pincus LLC.
Some say the Caisse should consider selling its investment in Allied. They argue staying in reflects poorly on the pension fund’s own reputation, particularly if the U.S. company remains in the business of private prisons through its G4S ownership.
[...]
Caisse has a responsibility to ensure that its investment complies with laws and international standards on corruption, Mr. Baker said. “Given controversies like the one G4S is currently facing in South Africa, and the poor investment performance for the private prison industry, it is unclear why CDPQ, Allied Universal and G4S are still in the private prison business,” he said.
Others have a different view. Pulling out of Allied altogether is the “easy” route, said Patric Besner, vice-president of Montreal’s Institute for Governance of Private and Public Organizations, a think tank. Staying in and pushing to influence the company to have better metrics and better governance is a harder path but the one that might yield better outcomes in the long term, he said.
“The problem is that if they pull out, there will be no force to encourage these corporations to act better and improve their ESG and improve their environmental rules and regulations,” Mr. Besner said.
[...]
Pension funds in Norway and New York have divested themselves from G4S in recent years. Norges Bank Investment Management, which manages Norway’s government pension funds, sold its shares in G4S after its ethics council decided there was an “unacceptable risk” that the company is responsible for “serious or systematic human-rights violations.”
Read more [3]

[1] https://www.lapresse.ca/affaires/2020-06-22/la-caisse-et-les-dangers-de-la-securite-privee
[2] https://www.theglobeandmail.com/business/article-gardaworld-ceo-blasts-the-caisse-for-backing-allied-universal-in-bid/
[3] https://igopp.org/wp-content/uploads/2023/05/South-African-prison-scandal-raises-concerns-over-Caisse’s-G4S-connections-The-Globe-and-Mail_May-2023.pdf]]></content>
		<wfw:commentRss>https://igopp.org/en/south-african-prison-scandal-raises-concerns-over-caisses-g4s-connections/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Couche-Tard’s end of special voting rights will be closely watched by critics, defenders of dual-class share structures</title>
		<link>https://igopp.org/en/couche-tards-end-of-special-voting-rights-will-be-closely-watched-by-critics-defenders-of-dual-class-share-structures/</link>
		<comments>https://igopp.org/en/couche-tards-end-of-special-voting-rights-will-be-closely-watched-by-critics-defenders-of-dual-class-share-structures/#respond</comments>
		<pubDate>Sun, 05 Dec 2021 19:53:34 +0000</pubDate>
		<dc:creator><![CDATA[IGOPP Site web]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Dual-class shares]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>
		<category><![CDATA[Proxy Advisors]]></category>
		<category><![CDATA[Shareholders]]></category>

		<guid isPermaLink="false">https://igopp.org/couche-tards-end-of-special-voting-rights-will-be-closely-watched-by-critics-defenders-of-dual-class-share-structures/</guid>
		<description><![CDATA[n will set this week on the special voting rights held by the four founders of Alimentation Couche-Tard Inc., leaving the Canadian convenience store giant more exposed to investor pressure than ever before. Its fate will be closely watched by both critics and defenders of dual class share structures. Laval, Que.-based Couche-Tard is one of [&#8230;]]]></description>
		<content><![CDATA[n will set this week on the special voting rights held by the four founders of Alimentation Couche-Tard Inc., leaving the Canadian convenience store giant more exposed to investor pressure than ever before. Its fate will be closely watched by both critics and defenders of dual class share structures.
Laval, Que.-based Couche-Tard is one of Canada’s biggest companies, with a current market capitalization of $50.6-billion. It’s controlled by executive chairman Alain Bouchard and three other founders through a special class of stock that gives them 10 votes for every share they own. A so-called sunset clause – put in place in 1995 when the founders were in their 30s and 40s – says those super-voting rights will end when the youngest of them turns 65 or dies.
That clause will be triggered on Dec. 8, when the youngest founder, Jacques D’Amours, celebrates his birthday. The company’s two classes of shares will subsequently become one class, with uniform voting power. All of the company’s Class B shares will be delisted from the TSX at the close of trading on Dec. 7, and only Class A shares will trade at open the next day under the same ticker, ATD, Couche-Tard said Friday evening in an update on the process.
Mr. Bouchard, who grew up living in a trailer with five siblings and climbed from poverty to become one of Canada’s richest men through his corner store empire, has said that while this is an important moment in Couche-Tard’s history, the end of the company’s dual class share structure is largely a “non-event” for its operations. In his view, Couche’s continued strong performance will help keep any activist investors at bay, while its sheer size will limit the number of companies that could raise the amount of money needed to mount a hostile takeover attempt.
“We have been planning for this for some time,” Mr. Bouchard said in the update. He added that the founders will remain as directors and stay closely involved in the organization. “My commitment and leadership of the business will not change, and I am more confident than ever before that our size, our winning culture and strategy, and the structures that we have put in place … will serve the business well.”
There is more at stake, however, than the emotions of the founders, all of whom are now billionaires as a result of the company’s share price appreciation over the years. At a time when dual class share structures have once again come under scrutiny – a result of the family battle at Rogers Communications Inc. – what happens to Couche-Tard in the months and years ahead could have broader repercussions for the Canadian corporate landscape, observers say.
The number of companies adopting dual class share structures in both Canada and the United States is rising, even as governance experts continue to warn about the drawbacks of such systems. Critics say dual class shares can entrench a company’s leadership when it performs poorly, by limiting the power of shareholders to vote in new directors.
More companies with dual class systems listed on the TSX in the first nine months of 2021 than in the prior two years combined, according to data from the TMX Group.
In Canada, companies that unwind their dual class share structures are “really rare,” said Catherine McCall, executive director of the Canadian Coalition for Good Governance (CCGG). She said what happens at Couche-Tard will be a petri dish experiment that will show how things can unfold for other companies. Her organization represents 54 major institutional investors in Canada, which collectively manage $5-trillion in assets.
The results at Couche-Tard could fuel arguments on both sides of the dual class share debate, Ms. McCall said. “If there are issues with control, then the people that are very much in favour of dual class shares are going to say ‘we told you so.’ And especially in Quebec, that’s an issue.”
All four founders have been selling some of their stakes in the company this year as the sunset date approaches.
[...]
Together, the four founders own 22 per cent of the company’s equity, and they will continue to have 66 per cent of its voting rights while the multiple-voting system still exists. After their special rights expire, that stake, in combination with the support of friendly shareholders such as the Caisse de dépôt et placement du Québec, will still give them “almost a blockage type of group if there’s something we don’t like,” Mr. Bouchard has said.
While that might be true, Couche-Tard will lose the immunity it had against unsolicited bids when the dual class system is dissolved, said François Dauphin, chief executive of Montreal’s Institute for Governance of Private and Public Organizations.
More generally, the company will be more vulnerable to external pressure than it has ever been, he added. For example, institutional investors or proxy advisory firms could press Couche-Tard to change elements of its governance and it will have to respond. Already, the company has signalled it will move to taking analyst questions in real time on its quarterly calls instead of compiling their queries in advance.
“Some people will be happy about this,” Mr. Dauphin said of the move to a single class of shares. “We will see in a few years. If we lose a company like Couche-Tard due to a hostile takeover or reverse takeover by another company somewhere, we might be disappointed.”
In 2016, the founders proposed extending their voting rights, but the company cancelled a shareholder vote on the proposal at the last minute after concluding that it did not have the two-thirds support needed from subordinate shareholders. Behind the scenes, investors expressed uneasiness about the founders’ children inheriting control of Couche-Tard.
Mr. Bouchard took the rejection personally. But time, and the company’s growth since then, appear to have healed what was once a raw wound.
Read more [1]

[1] https://igopp.org/wp-content/uploads/2021/12/Couche-Tard’s-end-of-special-voting-rights_The-Globe-and-Mail_December-2021.pdf]]></content>
		<wfw:commentRss>https://igopp.org/en/couche-tards-end-of-special-voting-rights-will-be-closely-watched-by-critics-defenders-of-dual-class-share-structures/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>CPPIB backs investor group in bid to end Bombardier’s dual-class share structure</title>
		<link>https://igopp.org/en/cppib-backs-investor-group-in-bid-to-end-bombardiers-dual-class-share-structure/</link>
		<comments>https://igopp.org/en/cppib-backs-investor-group-in-bid-to-end-bombardiers-dual-class-share-structure/#respond</comments>
		<pubDate>Thu, 02 May 2019 21:05:58 +0000</pubDate>
		<dc:creator><![CDATA[IGOPP Site web]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Dual-class shares]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>
		<category><![CDATA[Proxy Advisors]]></category>

		<guid isPermaLink="false">https://igopp.org/cppib-backs-investor-group-in-bid-to-end-bombardiers-dual-class-share-structure/</guid>
		<description><![CDATA[CPPIB is backing a proposal to end Bombardier Inc.’s dual class share structure and remove the control of the founding family, forcing the company onto the defensive as it hosts investors for its annual meeting Thursday. Canada Pension Plan Investment Board, which oversees assets worth about $368-billion and is one of Bombardier’s 25 biggest shareholders, [&#8230;]]]></description>
		<content><![CDATA[CPPIB is backing a proposal to end Bombardier Inc.’s dual class share structure and remove the control of the founding family, forcing the company onto the defensive as it hosts investors for its annual meeting Thursday.
Canada Pension Plan Investment Board, which oversees assets worth about $368-billion and is one of Bombardier’s 25 biggest shareholders, says on its website it will vote in favour of a proposal by investor rights group Médac to end the two-class system. It gave no reasons for its decision, but its proxy-voting guidelines state that it supports the collapse of existing dual-class share structures on terms that are in the long-term best interests of the company.
“One argument for dual-class share structures is that those with the superior voting rights can ensure stability, continuity in ownership and facilitate a long-term perspective. We disagree with this argument,” CPPIB says in the guidelines, adding such systems are contrary to good governance. “They can entrench management against shareholder pressure for change and undermine the basic principle linking voting to equity ownership on the basis of one-share-one-vote.”
[ ... ]

Relatives and descendants of inventor Joseph-Armand Bombardier control the company with 50.9 per cent of the voting rights through a special class of stock carrying 10 votes a share. Family members also have four of the company’s 14 board seats, despite owning just 12.2 per cent of the equity. The system has been in place since 1980.
Bombardier operates under the Canada Business Corporations Act, which states that changing or unwinding multivoting share systems requires the adoption of special resolutions and the approval of those holding those supervoting shares. In the case of Bombardier, that’s the company’s founding family.
The company has said it has no intention to change its share-capital arrangement, arguing the system brings significant benefits, such as the ability to keep its headquarters in Canada. Concern over the setup is dispelled in part by the oversight of independent directors on senior management and strong governance principles and practices, Bombardier said in a March 22 filing.
“This issue will be discussed at the annual meeting of shareholders along with other shareholder proposals,” Bombardier spokesman Simon Letendre said on Wednesday.
Yvan Allaire, executive chairman of the Institute for Governance of Private and Public Organizations, told The Globe he believes a large number of subordinate voting shares will be cast in favour of the Médac proposal.
“Most large funds are in principle opposed to this type of shareholding,” Mr. Allaire said via e-mail, adding this is the first time Bombardier investors will have an opportunity to vote on the issue. A similar proposal put forward to the shareholders of any dual-class company would elicit a large number of “for” votes from investors holding subordinate voting shares but would still be roundly defeated, he said.

“In the end, the corporation must change hands,” Médac said in its proposal outlined in Bombardier’s proxy circular. “Indeed, it is in everyone’s interest.”

Médac knows its proposal is destined to fail because of the family’s opposition. Still, obtaining the support of more than half of investors who are not tied to the family would send a “very significant” message, the group said in an e-mail to The Globe.

The debate over the dual-class share system comes as analysts are questioning whether Bombardier chief executive Alain Bellemare will reset his 2020 financial goals for the company when it reports first-quarter earnings on Thursday morning. Management slashed revenue and earnings estimates last week for 2019 as it grapples with delivery issues on several big rail contracts.
Read more [1]

[1] https://igopp.org/wp-content/uploads/2019/05/CPPIB-backs-investor-group-in-bid-to-end-Bombardier’s-dual-class-share-structure-The-Globe-and-Mail_May-2019.pdf]]></content>
		<wfw:commentRss>https://igopp.org/en/cppib-backs-investor-group-in-bid-to-end-bombardiers-dual-class-share-structure/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Rona puts up legal barrier to Invesco board challenge</title>
		<link>https://igopp.org/en/rona-puts-up-legal-barrier-to-invesco-board-challenge-2/</link>
		<comments>https://igopp.org/en/rona-puts-up-legal-barrier-to-invesco-board-challenge-2/#respond</comments>
		<pubDate>Thu, 15 Nov 2012 21:02:51 +0000</pubDate>
		<dc:creator><![CDATA[mlamnini]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Chief Executive Officer]]></category>
		<category><![CDATA[Head offices]]></category>
		<category><![CDATA[Hostile takeovers]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>

		<guid isPermaLink="false">http://aimta712.org/?p=2900</guid>
		<description><![CDATA[&#8220;[&#8230;] 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 [&#8230;]]]></description>
		<content><![CDATA["[...] 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 Rona’s board last May even as the share price plumbed historic lows, Mr. Allaire noted. The reason it opposes the board now is that there’s a willing suitor to buy Rona, namely Lowe’s, giving it a chance to recoup some of its investment.

Regardless, the complete ouster of Rona’s entire board is unwarranted, said Mr. Allaire. “It’s as if nobody on the board merits that we keep their experience and knowledge of the company and its circumstances.”

Rona has not received a formal request for a meeting from Invesco, said Rona spokeswoman Michelle Laberge.

The fact it called the annual meeting for next May on Wednesday changes nothing because even under the obligation of the request, Rona would have the power to pick any date for a shareholder meeting before June next year, she said.

Ms. Laberge said that Rona wants to avoid a proxy fight. Company chairman Robert Paré has been intensifying the number of meetings with shareholders in recent days in an attempt to address concerns about the company’s performance, she said.

Head-hunting firm Korn/ Ferry International, which Rona hired to find a new CEO after the dismissal of Robert Dutton last week, also has a mandate to help search for board member candidates, Ms. Laberge said.

Rona has been criticized in the past, most recently at its annual meeting this past summer, for having a Quebec-centric board despite the fact it operates Canada-wide. Only one of its 11 current directors, James Pantelidis, is based outside the province." Read more [1]

[1] http://business.financialpost.com/2012/11/15/rona-puts-up-legal-barrier-to-invesco-board-challenge/]]></content>
		<wfw:commentRss>https://igopp.org/en/rona-puts-up-legal-barrier-to-invesco-board-challenge-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Rona shareholders first victims of Quebec’s growing protectionism</title>
		<link>https://igopp.org/en/rona-shareholders-first-victims-of-quebecs-growing-protectionism-2/</link>
		<comments>https://igopp.org/en/rona-shareholders-first-victims-of-quebecs-growing-protectionism-2/#respond</comments>
		<pubDate>Tue, 18 Sep 2012 21:31:49 +0000</pubDate>
		<dc:creator><![CDATA[mlamnini]]></dc:creator>
				<category><![CDATA[IGOPP in the Medias]]></category>
		<category><![CDATA[IGOPP in the medias]]></category>
		<category><![CDATA[Head offices]]></category>
		<category><![CDATA[Hostile takeovers]]></category>
		<category><![CDATA[Institutional investors]]></category>
		<category><![CDATA[Investisseurs institutionnels]]></category>

		<guid isPermaLink="false">http://aimta712.org/?p=2912</guid>
		<description><![CDATA[&#8221; [&#8230;] 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 [&#8230;]]]></description>
		<content><![CDATA[" [...] 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 [1]

[1] http://business.financialpost.com/2012/09/18/rona-shareholders-first-victims-of-quebecs-growing-protectionism/]]></content>
		<wfw:commentRss>https://igopp.org/en/rona-shareholders-first-victims-of-quebecs-growing-protectionism-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>
