Normes d’encadrement

Yvan Allaire de l’Institut sur la gouvernance (IGOPP) va publier sous peu un nouvel article intitulé « The Canadian Coalition for Good Governance strikes a false note » qui a été soumis au Financial Post pour publication.

Jacques Grisé qui anime le blogue Gouvernance nous en livre un extrait en exclusivité (ici). Je me permets de le reprendre, le voici…

No doubt that “proxy access” is the next governance battlefield, with arguments and studies launched at each other in massive quantity by both sides. This debate raises important issues which must be considered carefully before adopting a position on the subject. But both sides agree on one point: if policy makers were to allow shareholders some “proxy access” so that candidates proposed by them would go on the same proxy voting ballot sent to all shareholders, that right should be exercised under a very specific set of conditions:

1. The shareholders should own a substantial quantity of shares: for instance 1% or 2% or, most frequently, 3% of all outstanding shares (with provision of a larger percentage for companies with small market capitalization);
2. To acquire the right to proxy access, these shareholders should have owned their shares for a given period of time: for at least 1 year or 2 years or, most frequently 3 years, or 5 years;
3. The number, or percentage, of board members that may be nominated through this process in any given year should be limited: 3 members or a maximum of 20% or 25% of board members, for instance;
4. There should be a cap on the number of shareholders that may join together to reach the minimum shareholding threshold: for instance 5 shareholders or 15 or 25, etc.

Proponents of “proxy access” all agree to these conditions or some variant thereof; but in a policy paper issued this week the Canadian Coalition for Good Governance (CCGG) stands apart and alone in the North American investment world on a most important condition of proxy access: the CCGG would place no holding time requirement whatsoever before shareholders acquire the right to nominate board members…

Pour celles et ceux qui veulent accéder à la position de la Coalition canadienne pour la bonne gouvernance (« Shareholder Involvement in the Director Nomination Process: Enhanced Engagement and Proxy Access »), cliquez ici.

À la prochaine…

Ivan Tchotourian