Topic Results: Shareholders

December 1, 2009

Saving private enterprise!!

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 […]

November 4, 2009

Bill 63 (Business Corporations Act) : Memorandum of the IGOPP

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 […]

November 4, 2009

Business Corporations Act: Bill 63

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 […]

March 30, 2009

Giving Shareholders a Say on Pay

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 […]

January 30, 2009

A national securities commission:

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 […]

January 20, 2009

The Fine Print on a National Securities Commission

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 […]

September 17, 2008

The Independence of Board Members

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 […]

June 18, 2007

Hedge Funds and Private Equity Funds

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

December 11, 2006

Corporate citizenship and the right to vote

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 […]

November 16, 2006

Dual-class share structures in Canada

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 […]

July 18, 2006

CHUM and the premium for control: it is legal, but is it fair?

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 […]

April 1, 2001

Mergers and acquisitions: Lessons from the best

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 […]