Topic Results: Private governance

October 13, 2023

The performance of Canadian controlled companies listed on the S&P/TSX

Family-run businesses are the cornerstone of market economies. These companies are often imbued with a strong culture rooted in the values of their founder, a culture that develops and strengthens over time, sometimes even beyond the first generations who succeed one another at the helm of the business. They tend to make decisions with a […]

February 12, 2021

The quest for diversity of boards of directors and in senior management of public corporations

In June 2009, IGOPP published a Policy Paper on “The Status of Women on Boards of Directors in Canada: Calling for Change”. Almost 12 years later, the issue of diversity on boards of directors still remains partly unresolved. Indeed, women’s representation on boards of directors has doubled during this period [from 15% in 2008 to […]

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 […]