Dans un article à être publié bientôt, Richard Leblanc* répond à certaines questions concernant les meilleures pratiques de gouvernance eu égard à la communications entre le C.A. et les actionnaires. Voici trois points de vue de l’auteur publiés dans le groupe de discussion Board & Advisors de LinkedIn :
(1) “Management needs to be instructed by the Chairman not to interfere with shareholder engagement performed by directors. Directors are the agents of shareholders and shareholders want to talk to their elected representatives about governance matters. This is not the day-to-day business of the company.
Management speaks for the company; directors speak for the shareholders and management should not be involved in, nor causing undo influence over, that relationship. The Chair of the SEC was abundantly clear, that reg. FD is not a barrier to board-shareholder communication and fair disclosure speaks to matters of material information, not governance matters.”
(2) « Boards should retain their own counsel, independent of that of management, when seeking counsel on what they should and should not say in their outreach to shareholders.”
(3) “Not only do directors need to step up in this responsibility for open communication, but also shareholders need to step up and meet with directors and be transparent in those communications.”
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* Richard W. Leblanc, Associate Professor, Law, Governance & Ethics, Faculty of Liberal Arts & Professional Studies, York University. Dr Leblanc has served as an external advisor to boards that have won national awards and peer endorsement from institutional shareholders for their corporate governance practices and has also acted as a corporate governance expert witness in recent years. He has conducted over two hundred director interviews and has studied, advised and/or assessed dozens of boards in action. This work has spanned audit, compensation, nominating and governance committees, chairs of boards, chairs of board committees and CEOs. Click here for more.
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