The practice of allowing shareholders to vote against individual directors is taking root in Canada's boardrooms ...Read the full article
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Michael Lecours from Niagara Falls, Canada writes: Canada has a great opportunity to attract foreign investments,respect, trust and credibility, by establishing strict rules about corporate governance. Those rules must regulate all companies, including Quebec, especially including Quebec. A strong, independent and credible board of governors (a serious Canadian Board of Governance) should be named, and be able to deliver tough sanctions against faulty companies. Such sanctions should be announced to the public. Giving the possibility to a significant number of shareholders to refuse the nomination of directors, is a great idea. Directors should not be named because of their relationship with the Executives, but because of their expertise. What is the real contribution of a director sitting on 10 different boards? He has no time to think or find out about the real world. There should be a limit of directorship for any serious director. We should learn from American companies, and show the world that we are different, and better. As well, directors should become liable for approving irresponsible take-overs, just to satisfy the ego of the Chairman and President. The interest of the shareholders, of the employees and the local economy, should come first. A limit for astronomical compensations should also be reviewed. There are thousands and thousands of brilliant executives waiting to do a better job, if given a chance.
- Posted 24/10/06 at 9:39 AM EST | Alert an Editor | Link to Comment
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