Shares of Home Capital Group Inc. tumbled nearly 10 per cent Tuesday, as investors gave their verdict on the company's decision to sack chief executive officer Martin Reid after less than a year in the job.
Mr. Reid was terminated Monday, making way for director Bonita Then to take over as interim president and CEO.
Home Capital did not give a specific reason for the change, saying only that it "requires leadership that can bring to bear a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance." Story
Activist groups, institutional investors push for transparency on lobbying
Canadian companies are facing growing investor demands to disclose details about their political activities, with several firms recently promising to start reporting more about their campaign donations and lobbying efforts after receiving shareholder-proxy proposals targeting their annual meetings this spring.
The pressure is coming from activist groups working with large shareholders who have filed proposals with several companies this year seeking more disclosures of lobbying efforts. In three cases – involving Canadian National Railway Co., Goldcorp Inc. and Cenovus Energy Inc. – shareholders withdrew their resolutions after the companies promised to report more details on political activities by the end of this year.
Royal Bank of Canada is facing a vote in April on a shareholder proposal filed by the Canadian office of global advocacy group SumOfUs, which is targeting companies around the world to report details of their spending on government lobbying campaigns, including indirect lobbying through trade associations. Story
Goldcorp Inc. will team up with larger peer Barrick Gold Corp. to work on developing gold mines in northern Chile, it said on Tuesday, as the industry starts to invest in new projects again. Story
Russian diamond miner Alrosa is not interested in buying Canada's Dominion Diamond Corp , Alrosa's Chief Executive Sergey Ivanov said on Tuesday. Story
Acquisitive Chinese conglomerate HNA Group is in talks to buy a controlling stake in the owner of the publisher of Forbes magazine, two sources with knowledge of the matter told Reuters. Story
Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last-minute bid by Dubai billionaire Mohamed Alabbar's Emaar Malls. Story
ELSEWHERE IN FINANCE
Valeant Pharmaceuticals International Inc.'s former chief executive officer accused the drug maker of failing to deliver 3 million shares promised him as part of an exit package. Story
Greenwich Associates has named Baillie Gifford, Phillips, Hager & North Investment Management and PIMCO as its 2016 leaders in Canadian institutional investment management. Story