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A recent order by the Delaware Court of Chancery that interprets standard venture capital financing documents invalidated action taken by the holders of a majority of the common stock of a Delaware corporation to remove and replace the corporation’s CEO and board chairman and an independent director.
Following almost a decade of relative stability, income inequality within the EU recorded a sizeable decline in 2016, reaching its lowest value since 1989. The fall of both within- and between-country inequality contributed to the 2016 reduction in overall EU inequality.
Money managers are creating or expanding programs to increase the number of women in the industry, now a hot topic as high-profile pay and discrimination lawsuits grab headlines and investors press managers to disclose efforts to boost diversity.
Shareholders of Valeant Pharmaceuticals International Inc. who choose to look over the documents in advance of this week’s annual meeting will find an inspiring tale of corporate responsibility. After listening to shareholder feedback, the company says, it has decided to rejig its chief executive pay plan, scrapping a long-held, aggressive pay approach and, amazingly, cancel a huge stock award it made to Joseph Papa two years ago.
Family businesses tend to survive longer and represent a lower-risk investment than non-controlled public firms, a new study from the University of Toronto’s Rotman School of Management suggests.
In this period of tense judo between the United States and China in the high-tech realm, even a merger of two American wireless providers has become entangled in fears about losing international competitiveness.
A rare outage at Canada’s major stock exchanges could dent the credibility of operator TMX Group Ltd and encourage investors to explore alternative trading channels, fund managers and traders told Reuters.
On March 28, 2018, in In re Tesla Motors, Inc. Stockholder Litigation, the Delaware Court of Chancery denied a motion to dismiss a lawsuit brought by stockholders of Tesla Motors, Inc. (“Tesla” or the “Company”). The plaintiffs alleged that Tesla’s Board of Directors, along with its Chairman and CEO, Elon Musk, breached their fiduciary duties by approving the $2.6 billion acquisition of SolarCity, which allegedly benefitted SolarCity stockholders to the detriment of Tesla stockholders...
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Institut sur la gouvernance (IGOPP)
April 27, 2018 10:45 AM
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Historically, onboarding new directors has entailed a large stack of reading material, which contains everything they’d need to know about the company, financials, board structure and governance. This method served its purpose in decades past when new members of the board were more than likely to be current or previous CEOs, CFOs, or sitting on boards of other companies.
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Institut sur la gouvernance (IGOPP)
April 27, 2018 10:00 AM
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The scaling back of Deutsche Bank’s US operations announced on Thursday was welcomed by investors and analysts but left some unhappy with the lack of detail on the lender’s change of direction.
The medical marijuana industry wants cannabis to be seen as a legitimate medicine, but the Canadian Medical Association argues there’s a lack of data to support that
The chief executive officer of Aimia Inc., Aeroplan’s parent company, is stepping down, an unexpected announcement that adds to the considerable upheaval at the loyalty rewards provider.
Spotify finally went public on April 3, following an unusual path known as “direct listing”—the shares started trading on the New York Stock Exchange, without any of the contractual or marketing arrangements that attend a typical IPO. No traditional road show or bookbuilding, no allocations. No one promising to sell, no underwriters promising to buy. The company even declined to ring the opening bell.
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Goldman Sachs President and Chief Operating Officer David Soloman, who is the future CEO of the company, sat down with Bloomberg for an interactive interview. He discussed a variety of topics, ranging from interest rates to when he takes over as CEO. He also shared his opinion on the raging bull market and when he thinks a correction will happen.
In March, the C.D. Howe Institute, a Toronto-based not-for-profit research firm with a focus on public policy, released analysis that was critical of Ontario’s execution of recreational cannabis legalization. The report predicts that publicly controlled cannabis stores will have difficulty phasing out the black market. It also criticized the lack of availability for consumers. The province will open 40 stores initially and is aiming for 150 openings by 2020.
Xerox Corp.’s deal to sell a majority of itself to Fujifilm Holdings Corp. was temporarily blocked Friday night by a judge who said the transaction was negotiated by a “massively conflicted” chief executive who was looking out for his own interests over Xerox shareholders’.
What the world needs now, according to big-time U.S. money manager Larry Fink, is a lot more corporate policy intervention in the world economy. In a letter to investors and corporate executives earlier this year, Fink — whose BlackRock Inc. manages US$6-trillion globally — called on “the private sector” to become more heavily involved in “broader societal challenges.” According to Fink, “Society is demanding that companies, both public and private, serve a social purpose. To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.”
Pressure is ramping up on Ottawa to conclude North American Free Trade Agreement talks, as trade uncertainty continues to complicate major capital investments in Canada and as U.S. officials threaten fresh tariffs on steel and aluminum imports.
“You need to put yourself out there and let people see the real you, admit your mistakes and acknowledge when you know you are about to make a decision that may not be popular.” This, from Calian CEO Kevin Ford, who believes CEOs must possess humility to be successful in the corner office.
At the height of the late 1980s financial bubble, a single, era-defining deal shredded conventional wisdom about Japan’s motives as a global dealmaker.
Close to 40 percent of all companies listed on major U.S. stock exchanges have been targeted by a securities class action lawsuit at least once between 1996 and 2017, according to the Stanford Securities Class Action Clearinghouse. These lawsuits are not only common but increasingly popular, with a record number of cases filed in the past two years. Given their prevalence, understanding the economic implications of the current securities litigation system is important.
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Institut sur la gouvernance (IGOPP)
April 27, 2018 10:01 AM
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Negotiations between US telecoms groups T-Mobile USA and Sprint on a potential merger have advanced significantly, according to people with knowledge of the discussions, with both camps hoping to finalise talks as early as next week.
GoPro founder Nick Woodman was the highest paid chief executive in the US in 2014, after receiving a bundle of stock worth $285 million when the action-camera maker he founded went public. This year, he will receive no more than $1, after GoPro's board slashed his salary and stripped him of his bonuses.
Australia, Canada and other countries benefited from the lowest global interest rates in history, without first suffering the economic meltdown that led the U.S. and Europe to take emergency action
The B.C. government has tipped its hand on how it would restrict diluted-bitumen shipments within its boundaries by asking the highest court in the province whether it has the authority to regulate heavy oil transport by issuing permits.
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