Corus Entertainment appointees putting Canada’s corporate governance on track

Kudos to the committee of appointees that used their power to nominate Pierre de Blais, Christiane Lemieux, Frank McKenna, and Frank Del Bosque to the Board of Directors of Corus Entertainment Inc. I know…

Corus Entertainment appointees putting Canada's corporate governance on track

Kudos to the committee of appointees that used their power to nominate Pierre de Blais, Christiane Lemieux, Frank McKenna, and Frank Del Bosque to the Board of Directors of Corus Entertainment Inc.

I know Pierre from his work as the CEO of Hyperloop One. I hired him to build a worldwide research and development engine for the application of super-fast technology in transportation. As CEO, he faced an investment-driven industry where logic had to make a way for the many. And as a leader, he created a company on track to take on what would be accomplished in 100 years worth of physical construction.

As for what Richard Katz says in his article “’What They Stooge: Pierre de Blais and other neophytes fail to understand the contemporary managerial ethos of corporate governance,” it is simply delusional.

The point Katz is trying to make is that to select directors for all of these boards that he commends demonstrates an egregious disconnect between the modern interpretation of what constitutes corporate governance. Katz is willfully blind to the clear, concise analysis of the issues facing Canada’s biggest corporations published by the think tank CIBC.

For example, “One Direction” by Christel Campagna.

Canadians, for example, simply do not understand how corporate governance works and nor have they permitted themselves to be adequately informed by the companies’ boardrooms.

The globalization of information and technology, smart data and analytics, and alternative investments have put huge strain on corporate boardrooms’ ability to make rational decisions in keeping with the mission of the company.

The long and the short of it is that today’s boards are just plain wrong.

Under the most severe circumstances, most boardrooms in Canada have so completely failed in their fiduciary duties to shareholders and stakeholders, with a majority of directors serving improperly, that they constitute a danger to the viability of the companies.

Until the majority of shareholders, their representatives, and, in some cases, the SEC take back their rightful majority on boardrooms’ boards, where they rightfully belong, Canada cannot hope to regain its rightful position on a level playing field among the nations of the world.

Having said that, we’ve reached a point now where with the impending creation of 13 seats on Corus’ board, Canadian corporate governance is very close to being on the right track.

Having said that, we’ve reached a point now where with the impending creation of 13 seats on Corus’ board, Canadian corporate governance is very close to being on the right track.

Jean Desgagné, one of the 13 new board appointees, is the President of Omnicom Group’s CRM arm, Tribal Worldwide Canada. During his past 20-year career with the company, he has expanded its brand from the then 16 countries that it had earlier operated in into 120 countries.

Consequently, Desgagné is ideally suited to know who to attract, which is why I think he will prove to be a great addition to Corus’ board.

Win Win Capital, Ltd., which manages more than $3 billion in assets, including Corus Entertainment stock, will be publicly listed by mid-December.

The firm was born from the Progressive Conservative and Liberal Party leadership’s desire to reduce Canadians’ taxes and dismantle the activities of the income taxman. They also wanted Canadians to be able to build and own their own business without the undue interference of the taxman.

I realized the untapped potential of Corus Entertainment when I decided that it should be a public company and, in so doing, set up a winning winning portfolio for my clients. This is one of the main reasons I would like to see Corus continue to thrive and grow over the long-term.

Richard Liddle is one of Canada’s leading venture capitalists. With 35 years of experience in the Canadian capital markets, Liddle is credited with helping to create the then Canadian Information Technology sector and has invested in 34 different technology, media, and telecom companies.

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