Topic Results: Private governance

March 7, 2016

“Good” Governance and Stock Market Performance

Did the quest, one might dare say the obsession, with implementing “good” governance in public corporations result in better stock market performances for those companies that have adopted the best governance practices? Numerous studies, mostly American, have tried to show a convincing relationship between governance and performance, usually with disappointing results. Indeed, it is not […]

May 27, 2015

Dual-class of shares: with the proper framework, a benefit for all

A recent piece in the Financial Post (“Time for regulators to take major look at dual class shares”, Barry Critchley, May 14, 2015) reports on the cogitations of a law professor who proposes as an “optimal solution” to abolish existing dual class of shares and prohibit such capital structure at IPO time, no less! Of […]

March 10, 2015

When does a publicly listed corporation become a criminal?

Under what circumstances is it appropriate to lay criminal charges against a publicly listed corporation for the actions of its employees? What justifies imposing what amounts, in Terrence Corcoran’s words, to a “corporate death penalty”? (Financial Post, February 23rd, 2015) Lawyers will debate these questions ad infinitum” but what would be a common-sense answer? A […]

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 7, 2014

Boards should decide takeovers

In an opinion piece published in the Financial Post on May 6th, (Shareholders should decide takeovers), Mr. Philip Anisman responds to my piece published in the Financial Post of April 30th (Canada needs a new takeover regime). Mr. Anisman recycles the key arguments of “market discipline” and boards having to dedicate themselves to the singular […]

April 3, 2014

Two cheers for Barrick Gold

After the bruising treatment that Barrick had to endure last year for its indefensible pay packages, the company got the message. The compensation plan it has made public on March 31st goes a long way towards the kind of pay system that all companies should adopt. Having published a policy paper on executive compensation in […]

November 26, 2012

What does it take to get more women on Canadian boards?

In 2010, only 14.4% of directors of the 100 largest Canadian publicly-listed corporations were women. In the same year, roughly 7% of board members were new and in only one-in-five instances was the new member female, according to the 2010 Spencer Stuart Board Index. Even to a patient, passive observer, that rate of change is […]

August 8, 2012

Rona battle highlights impotence of boards: Prof

“Quebec-based home improvement retailer Rona Inc. (RON.TO 10.93 -0.08 -0.73%) has found itself in the crosshairs of an unsolicited takeover approach from its American rival Lowe’s Cos (LOW.N 45.14 0.51 1.14%) — even as Rona’s board and management have publicly stated they’re not interested. For Yvan Allaire, Institute for Governance of Private and Public Organizations […]

February 3, 2012

Corporate Governance at RIM: The Mirage of «Good Governance»

The on-going discussion about RIM’s governance misses the point. Whether the jobs of chair and CEO are divided or not, whether “executive sessions” of the board are held regularly, and so on are all side issues. Let’s be clear, and it is for anyone who has actually sat on boards of directors: in the widely-held, […]

January 12, 2012

Counterpoint: Options deeply flawed as compensation

Stock options now a smaller part of CEO compensation. In an interview with Terence Corcoran of the Financial Post (Jan. 6), Prof. Michael Jensen rejects the accusation in Roger Martin’s latest book that he is the spiritual father of the shareholder-value maximization movement. True enough. In the seminal Jensen-Meckling article of 1976 that Martin singles […]

March 23, 2011

The place of women on board

In 2010, 14.4% of board members of the 100 largest Canadian publicly listed corporations were women. During the year 2010, roughly 7% of these board members were replaced and for one in five cases by a woman. (Source: Spencer, Stuart, Corporate Board Report, 2010). Even to a patient, passive observer, it is clear that the […]

June 5, 2010

Magna and the price of control

(The opinions expressed in this text are those of the writer and not necessarily those of the Institute or of its board of directors) Alas, the company’s magna cum laude performance as a first rate industrial concern is not matched by its performance in the shareholder business, where it deserves a severe magno cum opprobrio. […]

May 27, 2008

Report by the Working Group on SMEs Governance

The Group of experts proposes six concrete measures for improving the SMEs Governance. A Working Group of 18 prominent members of the business community issues a set of proposals promoting flexible governance adapted to the needs of Quebec’s small and medium-sized businesses and entrepreneurs.  

May 27, 2008

Small and medium-sized businesses Governance

A Working Group of 18 prominent members of the business community issues a set of proposals promoting flexible governance adapted to the needs of Quebec’s small and medium-sized businesses and entrepreneurs. At a time when small and medium-sized businesses (SMBs) are facing bigger and bigger challenges, their owners and managers need to be able to […]

February 20, 2008

The IGOPP has published the 2007 Quebec Board Index

Sitting on a Board of Directors in Quebec: A $55,000-a-Year Occupation. During a press conference, the Institute for Governance of Private and Public Organizations, in collaboration with Spencer Stuart, have revealed the results of the second edition of the 2007 Quebec Board Index.

September 21, 2007

Two cheers for canada’s securities regulatory framework

Calls to eliminate the current architecture of the securities regulatory apparatus in Canada and replace it with a single, national securities commission have reached fever pitch over the last few weeks. Unsubstantiated claims that “Canada is the laughing stock of the rest of the world” are bandied around as if that were a compelling argument […]