Corporate governance - Vigil

Le Canada défend ses droits de douane sur l’acier chinois après que Pékin a déposé une plainte la semaine dernière auprès de l’Organisation mondiale du commerce. La Chine conteste la surtaxe canadienne de 25 % sur les importations contenant de l’acier fondu ou coulé sur son territoire, affirmant que ces droits de douane sont discriminatoires. Le pays exhorte Ottawa à changer d’avis. Le premier ministre Mark Carney a imposé ces droits de douane le mois dernier pour protéger l’industrie canadienne dans un contexte de guerre commerciale avec les États-Unis et d’allégations de dumping d’acier provenant de certains marchés étrangers. Un porte-parole du ministre du Commerce international, Maninder Sidhu, indique que les droits de douane canadiens constituent une réponse directe aux efforts de la Chine pour agir en dehors des dynamiques traditionnelles du marché.

Un groupe de défense des actionnaires a déposé une plainte pour écoblanchiment auprès de l’autorité de surveillance des marchés financiers de l’Alberta. Il allègue que Cenovus, l’un des plus grands producteurs de sables bitumineux au Canada, et Enbridge, le plus grand exploitant d’oléoducs de pétrole brut du pays, ont induit les investisseurs en erreur dans leurs informations environnementales. Investisseurs pour l’Accord de Paris, qui cherche à responsabiliser les sociétés cotées en bourse quant à leurs engagements climatiques, soutient que ces sociétés ont enfreint la loi sur les valeurs mobilières de l’Alberta « en fournissant des informations inexactes et incomplètes, de longue date et généralisées » concernant leurs engagements de carboneutralité.

According to a report from KPMG, 2025 is marked by eight key challenges for directors, including trade tensions, AI advancements, cybersecurity threats and more. Volatility is a prominent  undercurrent this year, and it could seriously threaten agendas moving forward. The business environment in the U.S. and worldwide has rarely been so promising yet so unpredictable, notes a recent report released by the National Association of Corporate Directors. The nature of these top challenges will require accelerated agility from directors and management alike. Outdated playbooks simply aren’t enough for boardrooms to keep pace with these challenges. Board-level oversight must be able to adapt at the same speed as change occurs. Yet, the boardroom’s absence from day-to-day business operations has never made it more vulnerable than now, especially considering the amount of data being exchanged through technologies like AI. 

Donald Trump a appelé mercredi, via un message sur son réseau social Truth, à la démission de Lisa Cook, une des gouverneurs de la Réserve fédérale (Fed) et membre de son comité de politique monétaire, accentuant la pression sur une institution qu’il juge trop rétive à soutenir sa politique économique. Le responsable de l’Agence de financement du logement (FHFA), Bill Pulte, nommé par Donald Trump, a accusé mercredi Lisa Cook d’avoir «falsifié des documents de banque et des registres de propriété afin d’obtenir des conditions d’emprunt favorables» pour deux prêts immobiliers, a rapporté l’agence spécialisée Bloomberg. Le directeur de la FHFA a demandé dans la foulée au département de la Justice d’ouvrir une enquête visant Lisa Cook, estimant qu’une «fraude au prêt immobilier relève de la législation pénale», selon le document reproduit par l’agence de presse. Lisa «Cook doit démissionner dès maintenant!», a écrit le président américain, partageant l’article de Bloomberg.

The U.S. Commerce Department on Tuesday said it is hiking steel and aluminum tariffs on more than 400 products including wind turbines, mobile cranes, appliances, bulldozers and other heavy equipment, along with railcars, motorcycles, marine engines, furniture and hundreds of other products. The department said 407 product categories are being added to the list of “derivative” steel and aluminum products covered by sectoral tariffs, with a 50 per-cent tariff on any steel and aluminum content of these products plus the country rate on the non-steel and non-aluminum content. Evercore ISI said in a research note the move covers more than 400 product codes representing over US$200-billion in imports last year and estimates it will raise the overall effective tariff rate by around 1 percentage point.

Activist investor Ancora Holdings told railroad operator CSX it should pursue a deal with a rival or replace its chief executive if it doesn’t, according to a letter reviewed by The Wall Street Journal. The hedge fund said it is prepared to launch a proxy fight for board seats later this year if CSX doesn’t heed its advice. The pressure comes just weeks after Union Pacific struck a $71.5 billion deal to acquire Norfolk Southern to create the first transcontinental railroad operator in the U.S. Ancora had agitated at Norfolk Southern, landing four seats on its board, ahead of the tie-up. Following the deal announcement, industry watchers have zeroed in on what could come of CSX, which like Norfolk is a major East Coast carrier.  Ancora believes CSX should explore deals with both BNSF Railway, owned by Berkshire Hathaway, and Canadian Pacific Kansas City Southern, the letter said. The hedge fund also wants the company to appease anxious investors by formally announcing that it has hired an investment bank to explore strategic options, the letter added. 

Target named insider Michael Fiddelke on Wednesday as its new CEO in an effort to turn around the struggling retailer after a series of challenges over recent years that caused its shares to vastly lag those of its peers. Fiddelke, 49, will take the helm on February 1, 2026, as current CEO Brian Cornell transitions to the role of executive chairman. Fiddelke, a 20-year company veteran, most recently served as chief operating officer. The news of his promotion was not well received, with the company’s stock falling 10 per cent in premarket trading. “We have very mixed feelings about this appointment,” said Neil Saunders, managing director at GlobalData. “This is an internal appointment that does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years,” Saunders said.

HR software firm Dayforce said on Wednesday it was in advanced discussions to be acquired by Thoma Bravo for $70 per share, as private equity firms look to software as growth drivers in an uncertain economy. Dayforce’s shares rose more than 3 per cent before the bell. The offer represents a premium of 32.4 per cent based on the stock’s closing price on August 15, before the talks were first reported, and a deal value of $11.18-billion, according to Reuters calculations. If finalized, the deal will mark another private equity buyout of a software firm, with Thoma Bravo betting on the build-out of artificial-intelligence software and the resilience of recurring revenue in an economy pressured by trade tariffs and erratic spending. The human capital management market has undergone significant consolidation, with big players buying up smaller firms to bolster their products and grab market share amid signs of a deteriorating labor market.

Le gouvernement américain dispose de onze candidats pour prendre la succession de l’actuel président de la Réserve fédérale (Fed), Jerome Powell, dont le mandat s’achève en mai prochain, a assuré mardi le secrétaire au Trésor Scott Bessent lors d’une interview. Bête noire du président américain Donald Trump, qui lui demande en vain de baisser les taux, Jerome Powell avait été nommé par le républicain durant son premier mandat mais il l’accuse depuis de ne pas soutenir ses mesures économiques, droits de douane et baisse d’impôts pour les plus riches, l’accusant de parti pris politique. Sur CNBC, Scott Bessent a déclaré que « nous avons annoncé onze candidats très solides. Je vais les rencontrer autour de Labor Day [1er septembre prochain, NDLR] afin de réduire la liste à présenter au président Trump ». Jusqu’ici Donald Trump avait assuré disposer de quatre candidats pour rejoindre le conseil des gouverneurs de la Fed, dont un poste s’est libéré après la démission d’Adriana Kugler, qui avait été nommé en 2023 par Joe Biden.

Guess said on Wednesday it has agreed to be taken private by a group, including its co-founders, CEO and Reebok-owner Authentic Brands, in a deal valuing the designer apparel brand at $1.4 billion, including debt. As part of the transaction, co-founders Maurice Marciano and Paul Marciano, and CEO Carlos Alberini have partnered with Authentic Brands, which will acquire 51% of all Guess' intellectual property. Guess' existing shareholders will own the rest. Guess shareholders will receive $16.75 per share in cash, representing a 26% premium to Tuesday's close. Its shares jumped nearly 26% at $16.77 in early trading. They have lost about 38% over the last 12 months amid tough competition for consumer dollars and economic uncertainty. The deal is the latest in a wave of M&A activities among apparel and footwear companies, including 3G Capital's agreement to take Skechers private, Dick's Sporting Goods' announcement to acquire Foot Locker, and Authentic Brands' purchase of Dockers from Levi Strauss & Co earlier this year.

Activist investor Ancora Holdings, in a letter to board disclosed on Monday, urged the railroad to pursue near-term merger options or replace CEO Joe Hinrichs. The activist investor urged the railroad to evaluate potential tie-ups with Berkshire Hathaway-owned BNSF Railway and Canadian Pacific Kansas City in order to determine the best merger partner. It warned that once Norfolk Southern and Union Pacific start operating as a unified transcontinental network, CSX stands to lose the most. "If a deal cannot be struck, we assume it will not take us running a proxy contest to ensure a qualified operator replaces Mr. Hinrichs," the activist investor said. Ancora criticized CSX for failing to engage with Union Pacific earlier this year. It also argued that regulators may find it easier to review multiple rail mergers simultaneously. "Getting something done as early as possible during the pro-business Trump Administration should also be a priority," it said. "Shareholders cannot afford more missteps as CSX plays catch-up in the rail consolidation race," Ancora added.

Justin King, one of Britain's most prominent business figures, will quit the board of Marks & Spencer next month, the retailer said on Wednesday. Media reports last month said King was the frontrunner to take over as chair of publicly owned UK broadcaster Channel 4. M&S said King, a non-executive director since 2019 and a former head of its food business, had informed the board he intended to step down on September 10. King, also a former boss of supermarket Sainsbury's was once considered by analysts as a possible successor to M&S chairman Archie Norman, who has held the role since 2017. Britain's corporate governance code recommends a maximum nine-year tenure for a chair. Norman said King "leaves as a lifelong friend of the business". M&S is recovering after a cyberattack in April crippled its online business. Its shares are down 6% so far this year.

In a visit to India this week, China’s top diplomat said the two Asian nations should deepen cooperation amid international threats to free trade, a sign that President Trump’s trade war could accelerate a thaw in the frosty relationship between Beijing and New Delhi. Both countries have faced hefty tariff threats from Trump over their trade policies, with India singled out in recent weeks for its large-scale purchases of Russian oil. In remarks in New Delhi on Monday at a meeting with his Indian counterpart, Subrahmanyam Jaishankar, China’s Foreign Minister Wang Yi made a veiled reference to the U.S. by noting that New Delhi and Beijing should find ways to coexist against a backdrop of “unilateral bullying. China and India “should view each other as partners and opportunities rather than adversaries or threats,” said Wang on Monday, according to a statement from China’s Foreign Ministry,

Le Syndicat des travailleurs et travailleuses des postes (STTP) affirme avoir présenté de nouvelles offres à Postes Canada, mercredi, demandant des salaires plus élevés que ceux proposés dans la dernière offre de la société d’État. Il y a quelques semaines, les travailleurs syndiqués des postes ont rejeté la dernière offre de Postes Canada, qui aurait inclus des augmentations salariales d’environ 13 % sur quatre ans et l’ajout d’employés à temps partiel. Postes Canada et le syndicat sont retournés à la table des négociations mercredi, en présence de médiateurs du gouvernement fédéral. Dans son offre dévoilée mercredi, le STTP demande une hausse salariale de 9 % lors de la première année, suivie de 4 % la deuxième année et de 3 % les deux années suivantes, afin de refléter la « crise du coût de la vie ». Des améliorations aux programmes d’avantages sociaux et d’assurance-invalidité sont aussi réclamées.

Cybersecurity regulations are proliferating worldwide, driven by rising cyber threats, consumer demands, and geopolitical shifts. The GDPR and the European Union’s Artificial Intelligence Act set a high bar for data protection and technology governance. Frameworks in the United States, such as the US Securities and Exchange Commission’s (SEC) cybersecurity disclosure rules and state-level privacy laws (e.g., the California Consumer Privacy Act), add to the complexity. Globally, certain countries, including China and India, enforce data localization laws that require companies to store data within the countries’ borders—a logistical and security headache for multinational firms. For boards, the stakes are high as regulators are increasingly holding directors accountable for cybersecurity oversight, as shown by charges against SolarWinds Corp.  in 2023 and Yahoo! in 2018. In a regulatory landscape where rules vary by region and industry, how do boards stay ahead? 

Economists say they found some encouraging signs in the latest inflation numbers but some warn the Bank of Canada might need a bit more convincing to cut its key interest rate next month. The annual rate of inflation fell to 1.7 per cent in July, Statistics Canada said Tuesday, down from 1.9 per cent in June. The reading was a tenth of a percentage point below most economists’ expectations. A 16.1 per cent decline year-over-year in gas prices tied mainly to the removal of the consumer carbon price earlier this year fuelled the drop. BMO chief economist Doug Porter said in an interview that the July consumer price index was a “relatively favourable report” despite some stubbornness at the grocery store and in housing. July’s consumer price index marks the first of two looks at inflation that the Bank of Canada will get before its next interest rate decision on Sept. 17. The central bank held its policy rate steady at 2.75 per cent in July.

Gold bullion from Canada makes up a far greater portion of Chinese gold imports than is generally understood outside of China, according to data from the Asian country’s customs agency that has drawn little notice outside of professional circles here. The total value of these imports, according to figures from China Customs, is more than 10 times higher than Canadian export statistics suggest – a discrepancy that hints at the full extent of the role trade between the two countries plays in the global gold market. In China’s eyes, gold is its No. 1 import from Canada by value, rather than the canola and coal shipments Canada records as its top exports. The difference is not a result of an accounting lapse on either country’s part. Instead, it arises from a difference in perspective. Canada is unable to track where its exports end up if they change hands multiple times on their way to their ultimate buyer. But China Customs can and does require importers to track where their products originate.

Target has picked a lifelong employee to lift the company out of its funk. The retailer’s chief operating officer, Michael Fiddelke, will become Target’s new chief executive officer in February. He succeeds Brian Cornell, who was the company’s first outsider CEO and has held the top job for 11 years. Cornell will become executive chairman of the board, the company said. Fiddelke will take over a company that is in a prolonged sales slump, losing out to such rivals as Walmart and Amazon.com. Among shoppers’ complaints: Target’s prices seem too high, its products aren’t as exciting as they once were, and its stores are messy and understocked. Target also angered shoppers because of a controversy regarding its 2023 Pride month product selections and more recently when the company pulled back on corporate diversity, equity and inclusion policies. Employees are frustrated with the retailer too. 

Lowe’s Cos said on Wednesday it has agreed to buy interior building products distributor Foundation Building Materials for nearly $8.8-billion, stepping up its expansion into the professional builder market. Shares of the home improvement chain rose 4.3% in premarket trading as the company also beat second-quarter profit estimates. Lowe’s and rival Home Depot are leaning on deals to bolster their businesses that serve contractors and builders, a key growth area, amid softness in the do-it-yourself segment. Lowe’s acquired Artisan Design for $1.33-billion in April, while Home Depot in late June decided to buy specialty building products distributor GMS for about $4.3-billion. The company raised its total annual sales forecast to a range of $84.5-billion to $85.5-billion, compared to its prior expectation of $83.5 to $84.5-billion. It earned $4.33 per share on an adjusted basis in the quarter, exceeding estimates of $4.24, according to data compiled by LSEG.

Trez Capital Mortgage Investment Corp., one of Canada’s largest private commercial mortgage providers, is halting redemptions from five of its funds, marking the latest example of an alternative money manager struggling to meet investor liquidity demands. Vancouver-based Trez said Tuesday it was temporarily blocking investors from selling their holdings in response to a combination of factors. Those factors include “elevated” redemption requests, continuing loan funding obligations and a number of loan agreements in default or arrears that are in the process of being renegotiated, the company said. The suspension applies to Trez Capital Prime Trust, Trez Capital Yield Trust, Trez Capital Yield Trust U.S. CAD, Trez Capital Yield Trust U.S. USD, and Trez Capital Private Real Estate Fund Trust. All unsettled redemption requests for those funds will be cancelled and will only become eligible again when the suspension is no longer in effect, the company said.

L’un des grands gestionnaires de fonds pour des caisses de retraite au pays mise gros sur les institutions bancaires canadiennes qui s’apprêtent à présenter leurs résultats trimestriels la semaine prochaine. L’Office d’investissement des régimes de pensions du secteur public (PSP) a dégagé plus de 1 milliard de dollars pour acheter des actions des cinq plus grandes banques du Canada au printemps. Au total, c’est plus de 10 millions d’actions qui ont été ajoutées dans les portefeuilles d’investissement gérés par PSP durant les mois d’avril, mai et juin. Le document déposé par PSP auprès de la Securities & Exchange Commission dans les derniers jours révélant ces transactions n’indique toutefois pas les dates précises ni les prix payés pour effectuer les opérations. Il est cependant indiqué que PSP a bonifié de 1300 % au printemps son investissement dans la Banque Royale à la suite de l’achat de 1,8 million d’actions.

Italian fashion house Valentino has appointed industry veteran Riccardo Bellini as new chief executive, it said on Wednesday, adding he will take up the role at the start of September. Bellini, who has been working as managing director of leading Valentino investor Mayhoola, replaces Jacopo Venturini whose departure was announced last week. "I am honored to join Valentino, an iconic maison that blends extraordinary heritage and craftsmanship with a unique creative voice," Bellini said in a statement. Bellini previously served as CEO of luxury brands Maison Margiela and Chloé, and held business and marketing leadership roles at Diesel and Procter & Gamble. Valentino, founded in Rome in 1960 by Valentino Garavani and Giancarlo Giammetti, is part-owned by French luxury conglomerate Kering (PRTP.PA), opens new tab, which bought a 30% stake in the label from Qatari fund Mayhoola for 1.7 billion euros ($1.98 billion) in 2023, with a commitment to buy the rest by 2028.

Former Nokia CEO Pekka Lundmark will join Finnish quantum computing company QMill as an investor and a board member, the company said on Wednesday. Lundmark stepped down from the top job at Nokia earlier this year after being appointed as CEO in 2020, and is credited with turning around the telecom gear maker. Antti Vasara, former head of VTT Technical Research Centre of Finland, and a former Nokia executive, will also join QMill as chair of the board. Espoo, Finland-based QMill, is a quantum-algorithm company, which started operations last year, and has raised seed funding from Antler, Maki.vc and Kvanted. Quantum computing is emerging as a promising sector where many startups are working alongside tech companies such as Microsoft and Nvidia to build functional computers to solve problems that would take classical computers thousands of years.

U.S. President Donald Trump said on Tuesday he hoped Russian President Vladimir Putin would move forward toward ending the war in Ukraine, but conceded that the Kremlin leader may not want to make a deal at all, adding this would create a “rough situation” for Putin. In an interview with the Fox News Fox & Friends program, Trump said he expected that Putin’s course of action would become clear in the next couple of weeks. Trump also again ruled out American boots on the ground in Ukraine and gave no specifics about the security guarantees he has previously said Washington could offer Kyiv under any postwar settlement. “I don’t think it’s going to be a problem (reaching a peace deal), to be honest with you. I think Putin is tired of it. I think they’re all tired of it, but you never know,” Trump said.