Normes d’encadrement

Cours Cours DRT-7022 Devoirs des administrateurs Normes de droit

Article 172 du Company Act : aller plus loin !

La professeure Georgina Tsagas propose un article intéressant sur l’Oxford Business Law Blog : « Section 172 of the UK Companies Act 2006: Desperate Times Call for Soft Law Measures » (1er septembre 2017). Elle fait une proposition originale pour donner du cœur à l’article 172 de la loi anglaise de droit des sociétés.


In a recent article (the draft of which is available here), I put forward a proposal to advance an important aspect of UK corporate law in the making, namely by suggesting the use of alternative means available in the soft law sphere that could support a more pluralistic and democratic formation of corporate decision-making. The Corporate Governance Code (the ‘Code’) should make provision for the inclusion of an additional section, Section F, which should stipulate that:

‘Main Principle: There should be a dialogue with stakeholders based on the mutual understanding of objectives. The board as a whole, has responsibility for ensuring that a satisfactory dialogue with stakeholders takes place and that during the board’s decision-making process the board has regard (amongst other matters) to—

(a) the likely consequences of any decision in the long term,

(b) the interests of the company’s employees,

(c) the need to foster the company’s business relationships with suppliers, customers and others,

(d) the impact of the company’s operations on the community and the environment,

(e) the impact of the company’s operations on social and human rights issues,

(f) the desirability of the company maintaining a reputation for high standards of business conduct.’

The proposal put forward aligns with the concept of ‘Environmental, Social and Governance’, which appears in the UN Principles for Responsible Investment and refers to extra-financial material information about the challenges and performance of a company regarding these aspects, enabling shareholders to better assess risks and opportunities.


À la prochaine…

Ivan Tchotourian

Acteurs de la gouvernance Activisme et droit de vote des actionnaires Cours Cours DRT-7022 Normes de droit

Proposition actionnariale : la SEC apporte des éclaircissements

La Division of Corporation Finance de la Securities and Exchange Commission (SEC) a publié le 1er novembre 2017 un Staff Legal Bulletin No. 14 intitulé « Shareholder proposals ».


Extrait :


This staff legal bulletin provides information for companies and shareholders regarding Rule 14a-8 under the Securities Exchange Act of 1934.

This bulletin is part of a continuing effort by the Division to provide guidance on important issues arising under Exchange Act Rule 14a-8. Specifically, this bulletin contains information about the Division’s views on:

  • the scope and application of Rule 14a-8(i)(7);
  • the scope and application of Rule 14a-8(i)(5);
  • proposals submitted on behalf of shareholders; and
  • the use of graphs and images consistent with Rule 14a-8(d).


À la prochaine…

Ivan Tchotourian

Base documentaire Cours Cours DRT-2352 Doctrine Normes de droit

Dénonciation : faut-il récompenser ? Pas sûr

Par l’intermédiaire de Julien Robitaille-Rodrigue, le cabinet Stikeman Elliott revient sur les programmes de dénonciation québécois et ontarien avec une question simple : « Les récompenses financières favorisent-elles la dénonciation? Le Québec et l’Ontario : deux approches à l’essai »  (7 novembre 2017).




The Answer: Too Early To Tell

Despite this potential similarity and the satisfactory quantitative results produced by both models, the relative success of each program remains hard to determine at this relatively early point.

To date, it appears that the lack of financial awards has not negatively affected the AMF whistleblower program. Beyond the total number of received reports however, it is possible that financial incentives have a qualitative impact on whistleblower disclosures. Only when we have data on the quality of the received tips and the likelihood of these tips to result in actual proceedings, will we be able to accurately appreciate the value of each model.

In any event, the AMF program’s early success will certainly comfort the Alberta Securities Commission, who announced earlier this year that it was exploring the creation of a whistleblower program but ruled out offering financial incentives to whistleblowers, that it made the right decision.


À toutes fins utiles, je vous rappelle que j’avais publié un billet de blogue sur Contact au sujet du programme de dénonciation mis en place au Québec : « Dénonciation: nouvel outil éthique des entreprises » (13 octobre 2016).


À la prochaine…

Ivan Tchotourian

Acteurs de la gouvernance Activisme et droit de vote des actionnaires Cours Cours DRT-7022 Normes d'encadrement

Capital-actions à classe multiple : MSCI critique

Dans cet article de Bloomberg du 6 novembre 2017 « MSCI Extends Review of Whether to Ban Multiple-Class Stocks », la légitimité d’un capital-actions se trouve à nouveau au cœur de la discussion… discussion lancée cette fois par MSCI.


MSCI Inc., whose indexes guide the investment of about $11 trillion in assets, delayed a decision on whether companies that deprive public shareholders of voting rights should be barred from its benchmarks.

The company also broadened its investigation to consider “a discussion on the treatment of all types of unequal voting structures,” according to a statement Thursday.

(…) In its statement Thursday, MSCI noted such concerns. MSCI has been reviewing what to do since June. During that process, a minority of firms that voiced opinions “were strongly against the exclusion of non-voting shares from equity benchmarks and expressed concerns that this would result in equity benchmarks that less clearly represent the overall opportunity set,” the New York-based company said.

(…) MSCI temporarily banned companies with “unequal voting structures” from being added to two broad benchmarks: the MSCI ACWI Investable Market Index and MSCI US Investable Market 2500 Index. Current members won’t be bumped from the indexes, however.


À la prochaine…

Ivan Tchotourian