At a time when the political and financial elite gathered at Davos frets about the failures of capitalism and the need for its reform, Professors Yvan Allaire and Mihaela Firsirotu, in a new book titled “A Capitalism of Owners “, propose an action plan to change fundamentally the way capitalism has come to work. We […]

In the Globe and Mail of December 1st, Mr. Monahan states boldly, peremptorily, that “The policy case for a single national regulator is surely overwhelming”. But it is not, far from it. His first argument, if that is what it is, has to do with the issuance of shares in all parts of Canada. Mr. […]

The Canadian government blocked the company BHP-Billiton from acquiring Potash Corp, giving the would-be acquirer 30 days to improve on its offer. Why, after Alcan, Falconbridge, Inco and others would the Canadian government even consider approving this deal; because Canada, it seems, is easily intimidated when it comes to the rough game of international competition. […]

(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. […]

THIS TEXT IS ADAPTED FROM THEIR RECENTLY PUBLISHED BOOK BLACK MARKETS AND BUSINESS BLUES. Capitalism, famously wrote Karl Marx, bears the seeds of its own destruction. Yet Marx was blind to capitalism’s ability to renew itself and soar, Phoenix-like. The last time this happened, after its near-death experience in the 1930s, governments had to salvage […]

According to IGOPP, the proposed Business Corporations Act (Bill 63) is a quantum leap in the right direction. It modernize and clarify some dsyfunctionnal aspaects of our business laws and legal system. Furthermore, Bill 63 introduce some useful innovations. Howewer, some modifications to the Bill would improve the chances of Québec to become a destination […]

According to IGOPP, the proposed Business Corporations Act (Bill 63) is a quantum leap in the right direction. It modernize and clarify some dsyfunctionnal aspaects of our business laws and legal system. Furthermore, Bill 63 introduce some useful innovations. Howewer, some modifications to the Bill would improve the chances of Québec to become a destination […]

At a time when several Canadian financial institutions are about to hold a non-binding shareholder vote on executive compensation, the Institute for Governance of Private and Public Organizations (IGPPO) states in a position paper made public  that this process should not be imposed on all publicly traded companies. “The arguments pros and cons a non-binding […]

Finance Minister Jim Flaherty’s obsession with creating a national securities commission is becoming clearer. On Tuesday evening, he revealed the cost of the new federal infrastructure project he wishes to roll out, which comes to $154 million for 2009-2010 alone (as indicated on page 102 of the budget speech). We understand Mr. Flaherty’s commitment to […]

Admittedly, this is no easy task. The Hockin Report is the third attempt in recent years at selling the idea. Which combination of carrot and stick can sway those provinces that are still reluctant to hand over to a federal or national organization their regulatory and supervisory powers of securities markets? Instead of focusing on […]

In a report entitled The Independence of Board Members: A Quest for Legitimacy, the Institute for Governance of Private and Public Organizations (IGPPO) proposes that any organization governed by a board of directors should strive to constitute a board that is both legitimate and credible. The issue at stake is not so much the independence […]

Agenda of Presentation: Preliminary remarks Hedge Funds Private Equity Funds Policy Implications

In this age of momentum investors, day traders and hedge funds, the practice of granting transient “investors” the full and immediate rights of corporate citizenship, including the right to vote, is questionable and should be questioned. The democratic equivalent to this practice would consist of granting the right to vote to anyone who happens to […]

In Canada and, indeed, wherever there are functional stock markets, differences between classes of shareholders in publicly listed corporations raise important and controversial issues. Thus, the European Commission has undertaken a vast consultation on a proposed directive to enshrine the “one share, one vote” principle. Everywhere, the topic has proved divisive, particularly when the positions […]

The opinions expressed here are strictly those of the author and do not reflect a position of the Institute nor of its board of directors. The acquisition of CHUM Ltd by Bell Globemedia has brought the issue of control through superior voting shares back in the limelight. In an early, path-breaking move, the Toronto stock […]

The wave of mergers and acquisitions rolls on unabated, the latest statistics putting the number of transactions worldwide at some 34,000 in 1999. Canada has been an active participant in this global phenomenon. In 2000, there were close to 1300 transactions, worth some C$234 billion, in which Canadian companies took part. Canadians were involved in […]