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Deux tactiques corporatives pour contrer l’activisme « excessif » des investisseurs

16 août 2013

Voici un article publié dans Branav (Shareholder advisory services)  le 15 août 2013. L’auteur explique comment fonctionne deux moyens de défense spécifiques conçus pour contrer l’activisme excessif de certains investisseurs (selon la direction et le C.A.).

Avis préalable (Advanced Notice) :

Ensure that a minimum amount of notice is given by shareholders who wish to nominate alternate individuals to a board prior to the date of a shareholder meeting. In Canada that advanced notice typically means between 30-65 days in advance of a scheduled shareholder meeting. The bottom line effect of this policy is to eliminate the risk of an ambush proxy contest (of which I’ve been involved with a few), as failure to provide notice denies the right to have alternate nominations.

Raffermissement du quorum (Enhanced Quorum) :

Enhanced Quorum means introducing a by-law specifying, when the majority composition of a board is at stake, that a minimum quorum of 50% of a company’s issued & outstanding shares be involved in the director election.

Si ces deux approches vous intéressent, je vous invite à lire l’article ci-dessous. Vos commentaires sont appréciés. Bonne lecture.

Advanced Notice & Enhanced Quorum – a good hand !

SUMMARY

Boards should strongly consider introduction of these measures as it’s a lot cheaper than being blindsided by a potential proxy fight. Both of these measures provide significant protection for boards to ensure they can continue to focus on delivering shareholder value and not be distracted by potential nuisance activists, while not impeding or entrenching boards and their still being accountable to shareholders.

Advanced Notice & Enhanced Quorum – a good hand

I’m not certain why large/mega cap companies in any sector would also not want to avail themselves of both of these measures if they have the ability as I don’t see a downside. The major proxy advisory firms ISS and Glass Lewis also agree these measures protect shareholder interests and have supported them to date. I would suggest these measures need to be implemented before an Issuer is facing a possible proxy fight (so as not to be considered entrenchment), and also boards need to be aware than any change to by-laws will open up all their by-laws to review by the proxy advisory firms. As in many of these matters, it’s important to dialogue with your legal counsel in advance of introducing these and other potential measures.

Corporate Activism (venitism.blogspot.com)

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