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Voulez-vous en savoir plus sur les PME du Québec ?

Ivan Tchotourian 2 novembre 2015

Le journal Les affaires publie une étude sur les 300 plus grandes PME du Québec : « Classement 300 PME: des stratégies payantes ».

Un peu partout au Québec, des PME étonnent par leur vigueur. La morosité ambiante, très peu pour elles. Ce qui ne veut pas dire qu’elles l’ont facile. Elles connaissent leurs hauts et leurs bas, comme toutes les entreprises. Mais elles ne laissent pas la conjoncture économique ou les embûches freiner leurs ambitions.

Je vous laisse découvrir la suite.

À la prochaine…

Ivan Tchotourian

engagement et activisme actionnarial Gouvernance

En direct de l’ICGN conference de Boston : le vote en débat

Ivan Tchotourian 2 novembre 2015

Bonsoir à toutes et à tous, sur le blog Corporate Governance – CorpGov.net: improving accountability through democratic corporate governance since 1995, Jamse McRitchie vous propose de suivre – par le biais de résumés – les débat qui ont lieu lors de la conférence de Boston de l’ICGN (ici).

La 3e partie de cette conférence (ICGN Boston 2015, Part 3: Differential Voting Rights) est particulièrement intéressante pour le blogue.

Morceaux choisis :

Public investors need protection from controlling shareholders in controlled companies and managers in widely-held companies. Rules that increase the power of majority shareholders might protect all shareholders in widely-held companies but not in controlled companies. Similarly, rules that improve the rights of minority shareholders will probably help in controlled companies but not widely-held companies. Rules to help overcome collective action are helpful for widely-held but less so in controlled companies.

Brazil had dual-class for many many years. Encouraged but led to problems.

Creativity. Companies assign more voting rights and then creates super-nonvoting rights where nonvoting shares are worth 35 times. Controlling shareholders provided a number of sweeteners as they moved to consolidate control. Investors respond to incentives… timeframe is not infinity. Flaws in misalignment are not likely show up in five years. If we forbid differential voting rights they will create through other control mechanisms.

We need to ensure non-voting shares are priced less in the market.

In France, 22 companies double voting rights in bylaws. Institutional investors pushed for one share one vote. French state controlling shareholder in 13 companies. Gave a few examples of double voting rights. One actually asked to opt out of dual-class. Most in favor of one-share one-vote.

Stephen Erlichman noted that Canada has had examples of dual class share companies that have voluntarily converted into normal companies, without any premium being paid.

À la prochaine…

Ivan Tchotourian

autres publications mission et composition du conseil d'administration

Femmes, CA et Grande-Bretagne : « Women on boards: 5 year summary »

Ivan Tchotourian 2 novembre 2015

En 2011, Lord Davies avait publié des recommandations pour accroître la proportion des femmes au sein des CA des entreprises de l’indice FTSE100 avec un objectif d’au moins 25 % de femmes à l’horizon 2015. Quel est le bilan ?

Positif, pardi ! En effet, un rapport publié le 29 octobre 2015 (« Women on boards: 5 year summary (Davies Review) », Department for Business, Innovation & Skills) démontre que l’objectif a été atteint.

There are more women on FTSE 350 boards than ever before, with representation of women more than doubling since 2011 – now at 26.1% on FTSE 100 boards and 19.6% on FTSE 250 boards. We have also seen a dramatic reduction in the number of all-male boards. There were 152 in 2011. Today there are no all-male boards in the FTSE 100 and only 15 in the FTSE 250.

Parmi les 5 recommandations faites pour le futur, signalons :

• The national call for action and voluntary, business-led approach is continued for a further five year period, ensuring substantive and sustainable improvement in women’s representation on Boards of FTSE 350 companies into the future
• Increasing the voluntary target for women’s representation on Boards of FTSE 350 companies, to a minimum of 33% to be achieved in the next five years.
• All stakeholders to work together to ensure increasing numbers of women are appointed to the roles of Chair, Senior Independent Director and into Executive Director positions on Boards of FTSE 350 companies.
• All FTSE Listed companies now assess the gender balance on their Boards and take prompt action to address any shortfall

À la prochaine…

Ivan Tchotourian

autres publications Normes d'encadrement responsabilisation à l'échelle internationale

Corporate Social – Responsibility National Public Policies in the European Union – Compendium 2014

Ivan Tchotourian 2 novembre 2015

L’union européenne vient de publier un document de synthèse des initiatives réglementaires des États depuis 2011 dans le domaine de la RSE (ici).

This compendium is partly the result of seven peer reviews on corporate social responsibility (CSR) that took place in 2013 between EU Member State ministries. It provides an update on the actions taken by EU Member States since the publication of the 2011 Communication on CSR. Some of the most common approaches as well as good practices are highlighted in a series of thematic sections, relating to different parts of CSR policy. There is a substantial annex on initiatives taken Member State-by-Member State.

À la prochaine…

Ivan Tchotourian