Que deviennent les administrateurs de compagnies défaillantes ?


Doit-on être étonné par ces résultats ? The Directors are invested with formidable power but don’t they also have obligations towards the stakeholders ? Il ne s’agit pas de blâmer ces derniers mais il faut tout de même se demander quels coûts ceux-ci encourrent dans le cas de compagnies défaillantes telles que Enron, Hollinger, Lehman Brothers, etc. Cette étude met en lumière la banalisation des responsabilités des membres de C.A.

A look at the career paths of onetime Enron directors indicates that the former directors of Bear Stearns and Lehman Brothers may not have much to worry about.

Suggestions pour améliorer l’établissement de la rémunération du CEO


Richard Leblanc makes nine very valuable suggestions for HR committees in today’s Canadian Business. Establishing a compensation package for the CEO is an essential domain of intervention of the Board and every HR committee should take notes of the best practices in this matter.

CEOs need power checks and balances, and to know when it’s time to leave the room.

Utilité des quotas pour la composition des Boards ?


Voici un article qui, à l’instar de The Economist, condamne l’utilisation de quotas dans tous les domaines, notamment les quotas qui s’appliquent aux Boards. L’auteur fait une distinction nette entre les nouvelles pratiques européennes et les pratiques des autres pays, notamment des États-Unis. L’article s’appuie sur une étude de l’Université du Michigan sur la situation en Norvège et qui montre que le grand nombre de femmes nommées aux C.A. a eu des effets négatifs sur la performance de ces entreprises. On ouvre ici un grand débat entre deux écoles de pensée. Inutile de mentionner que je suis en désaccord avec les prémisses de cet article… Quel est votre point de vue ?

After Norway adopted gender quotas for corporate boards — requiring companies to have boards of directors comprised of at least 40 percent women –…

Cas sur les comportements à adopter au C.A.


La nouvelle édition de Julie Garland McLellan, The director’s Dilemma, vient de paraître. À l’aide d’un incident, on y décrit les dilemmes qui se posent dans le cas de comportements plus ou moins appropriés de membres de conseil. Des experts se prononcent sur la solution la plus acceptable. À lire

The Director’s Dilemma mclellan.com.au

Welcome to the August 2011 edition of The Director’s Dilemma. This newsletter provides case studies that have been written to help you to develop your judgement as a company director. The case studies are based upon real life;…

Le développement durable et le Board


Cet article du Director of Finance Online décrit très bien l’urgence de se doter d’un Board sensible aux questions de développement durable.

Global finance sector recognises that sustainability increasingly drives profit and cash flows.

Féminisation de la gouvernance en France: recommandations de l’IFA


Jacques Grisé, Ph.D., F.Adm.A.

Excellente entrevue avec Daniel Lebègue, président de l’Institut Français des Administrateurs (IFA) et partenaire privilégié du Collège des administrateurs de sociétés (CAS),sur la nécessaire évolution des C.A. afin de diversifier les profils des administrateurs et de féminiser la gouvernance.

Féminisation de la gouvernance en France

Le président Lebègue présente plusieurs initiatives de l’IFA visant à favoriser la place des femmes sur des conseils d’administration en France et en Europe, notamment l’offre d’un programme universitaire de formation en gouvernance de société, équivalent au programme universitaire du CAS, et qui conduit à une désignation commune d’administrateur de sociétés certifié (ASC-France).

 
 

Conseils pour une bonne gouvernance dans le cas d’une entreprise contôlée par un groupe majoritaire


Excellent article de Dr Richard Leblanc dans Canadian Business sur les leçons à tirer dans le cas de la saga News Corp. Discussion de six points fondamentaux pour assurer une bonne gouvernance.

When the significant shareholder also runs the company and the board, the power differential is very pronounced.

Liste de thèmes importants en gouvernance


Voici un document du Conference Board qui présente les points saillants des publications en gouvernance. Celui-ci devrait intéresser les membres de conseils d’administration.

Director Notes Archives conference-board.org

Director Notes is a series of short, to-the-point action reports providing immediate guidance on specific pressure points facing boards. Coordinated by Series Director Matteo Tonello, who is director of corporate governance…

Quotas pour les femmes sur les C.A. ?


Quel sujet controversé ! The Economist semble nager à contre-courant dans ce dossier… À lire afin d’avoir un point de vue différent des européens sur la question.

WOMEN are half the population but only 15% of board members at big American firms, and 10% in Europe. This represents a squandered opportunity.

Investissements socialement responsables


Investing the socially responsible way

Michael Jantzi is one of the pioneers of socially responsible investing, the concept that taking into account environmental, social and governance issues can give investors an advantage, and not just soothe their consciences.

http://www.theglobeandmail.com/report-on-business/managing/at-the-top/investing-the-socially-responsible-way/article2107956/

Adoption des règles comptables internationales IFRS par les États-Unis ?


Très bon article qui montre que les E.U. ne sont pas vraiment prêts à adopter les nouvelles règles comptables internationales (IFRS). L’article décrit les principales objections des entreprises américaines et les différentes pressions qui s’exercent sur la SEC. Certaines avenues de compromis semblent se dessiner.

NEW YORK (Reuters) – Once thought inevitable, a decisive move by the United States to one-world accounting is now in serious doubt.Blame delays, shifting timelines, or huge debt and high…

Bonne gouvernance, performance supérieure ?


Quelques définitions de la gouvernance mais surtout une très bonne discussion sur la nature des relations entre bonne gouvernance et performance à long terme. En ce qui me concerne, il n’y a pas d’études qui montrent que la bonne gouvernance soit nuisible … Le débat se poursuit !

The relationship between corporate governance and organizational performance – Marks on Governance

Développement durable


Cet article montre comment une organisation peut intégrer, dans un seul document, la présentation de données concernant le développement durable et la situation financière.

In his article, “Integrated Reporting: What, Why and How,” author Aparna Khandelwal, a senior associate at sustainability consulting firm cKinetics, discusses the importance of integrating sustainability results with financial…

Importance de la direction financière dans la gouvernance


The implementation and maintenance of good corporate procedures and a strong ethical culture is an area where the finance director has to step up and take a leading role.

Corporate governance goes up in smoke financialdirector.co.uk

Amidst the sensational allegations surrounding operations at the News of the World, there are points for all finance directors to note, argues Paul…

Calendrier | Formations en gouvernance | CAS


Calendrier | Formations en gouvernance | CAS cas.ulaval.ca

Le Collège des administrateurs de sociétés présente un calendrier de formations en gouvernance offertes en alternance à Québec et Montréal.

Indépendance du Board de News Corp ?


Cet article, paru sur le blog de Yahoo Finance, démontre que le Board de News Corp n’est pas indépendant, malgré le fait que la charte de la compagnie spécifie que la majorité des administrateurs doivent être indépendants. L’article discute de la composition des membres du Board et montre que les relations de plusieurs membres du CA avec la famille Murdoch sont très étroits. Les conséquences de cette situation déficiente sur la gouvernance de l’entreprise sont abordées

NEW YORK (AP) — A corporate board is supposed to answer to shareholders. At News Corp., it answers only to the Murdoch family.The 16-member…

Ten things for boards of directors to avoid – Deloitte


 Avoid presentation overload

Presentations should not dominate board meetings. If your board meetings consist of a scripted agenda packed with one presentation after another, there may not be sufficient time for substantive discussions. The majority of board meetings should be focused on candid dialogue about the critical strategic issues facing the company. The advance meeting materials should comprise information that provides the basis for the discussions held during the meeting. Management should feel confident that the board will read these pre-meeting materials, and the board must commit an adequate amount of time in advance of the meeting to do so.

Avoid understating the importance of compliance

There is no room for a culture of complacency when it comes to compliance with laws and regulations. As noted in the Deloitte publication

Avoid postponing the CEO succession discussion

CEO succession planning is one of the primary roles of the board. With the changing governance landscape and new and proposed regulations, the board has a full agenda these days. However, it is important to occasionally take a step back to ensure the board is addressing this important responsibility. During this time of rebuilding and prior to the implementation of new regulations, boards should assess where time is being spent and perhaps redirect focus on succession.

It is important to note that the succession planning process is continual and doesn’t end when a new CEO is selected. As the company evolves, its needs change, as do the skills required of the leadership team. The board needs to ensure that a leadership pipeline is developed and that its members have ample opportunity to connect with the next generation of leaders.

Avoid the trap of homogeneity

The topic of board composition and having the « right » people on the board continues to receive much attention. The SEC has proposed rules that would require more disclosure about director qualifications, including what makes each director qualified to participate on certain board committees. The shift to independent board members facilitated a move away from a « friends on the board » approach to a new mix. However, the board needs to assess whether this new mix translates into a positive and productive board dynamic. Boards should take a closer look at the expertise, experience and other qualities of each member to ensure the board that can provide the right expertise. Diversity of thought provides the perspectives needed to effectively address critical topics, which can contribute to greater productivity and ultimately a stronger board.

Avoid excessive short-term focus

Perpetual existence is one of the principal reasons for the initial development of a corporation. However, recent history offers many examples of modern corporate entities managing to reach short-term results at the expense of long-term prosperity. The board can demonstrate its leadership by being the voice of reason and openly discussing the sustainability of strategic initiatives. This can result in a well-governed company with a greater chance of achieving long-term, sustainable success.

Avoid approvals if you don’t understand the issue

Complex issues can have significant implications for the survival of an organization. It is up to directors to make sure that they understand issues that can alter the future of an enterprise before a vote is taken. This doesn’t require dissecting every detail, but it should consist of a thorough investigation and assessment of the risks and rewards of proposed transactions. If you don’t adequately understand the issue, ask for more education from management or external experts. It comes down to being able to ask the tough questions of management and probing further if things do not make sense. Consensus doesn’t mean going along with the crowd. True consensus results from a thorough debate and airing of the issues before the board, resulting in a more informed vote by directors.

Avoid discounting the value of experience

As a director, it is important to recognize the value that your experience can bring to the issues at hand. Good governance doesn’t mean checking all the right boxes. Rather, it is bringing together the diverse skills and experiences of each director to lead the company through challenges. Directors can provide greater insight by being ‘situationally aware’ when evaluating events and courses of action to take. Just as the captain of a ship needs to understand the various environmental factors that influence navigation, boards need to understand the external risks that may have an impact on the navigation of the company. Consider the context of the current issue, how it is similar to, or different from, previous experiences, what alternatives could be considered, and how outside forces may impede a successful outcome. Don’t discount the value of experience just because it was gained outside the boardroom.

Avoid stepping over the line into management’s role

A board that makes management decisions will find it difficult to hold the CEO accountable for the outcome. A director’s role is to oversee the efforts of management rather than stepping into management’s shoes. Directors must make a concentrated effort to ensure that they have clarity on management’s role, which is to operate the company. The distinction between the board and management is often blurred by directors who forget that they are not charged with running the day-to-day operations of an enterprise. This doesn’t prevent a director from getting into the details of an issue facing the company, but it does mean that directors should avoid stepping over the line.

Avoid ignoring shareholders

A company’s shareholders are among the most important and potentially vocal constituents of the enterprise. Concerns can sometimes be addressed by providing shareholders an audience with the board to air their concerns. Historically, compliance with the SEC Regulation Fair Disclosure (Reg FD) rules has been perceived as a hindrance to directors engaging in shareholder dialogue and meetings. As outlined in the Millstein Center for Corporate Governance and Performance policy briefing.

Avoid a bias to risk aversion

With the recent focus on excessive risk-taking and its impact on the credit crisis, there is concern that companies and boards may become risk-averse.

Boards dysfonctionnels et actionnaires floués


Vous trouverez, ci-dessous, les coordonnées d’un site portant sur les comportements dysfonctionnels et les effets destructeurs de plusieurs Boards. À lire (commentaires et livre de John Gillespie and David Zweig)

Money for Nothing moneyfornothingthebook.com

How the failure of corporate Boards is ruining American Business and costing us trillions. John Gillespie and David Zweig take readers deep inside the elite world of these corporate leaders to reveal its inner workings and show…

Le pouvoir d’un CEO face à un CA


Excellent article basé sur une recherche empirique qui tend à démontrer qu’un CEO dominant a besoin d’un CA puissant pour équilibrer le pouvoir. La combinaison d’un CEO plus discret et d’un CA moins puissant semble favoriser une meilleure performance de l’entreprise car le travail de l’équipe de direction est alors plus mis en évidence.

New business school research suggests it all depends on who’s watching the…

Conflicts of interest – CEO/Chairman


Chairing deliberations over your own performance is a conflict of interest, whether you’re a mayor or a CEO.