{"id":31444,"date":"2010-06-07T04:00:00","date_gmt":"2010-06-07T08:00:00","guid":{"rendered":"https:\/\/www.yorku.ca\/researchdev\/2010\/06\/07\/corporate-governance-professor-on-pension-groups-response-to-magna-share-restructuring-proposal-2\/"},"modified":"2010-06-07T04:00:00","modified_gmt":"2010-06-07T08:00:00","slug":"corporate-governance-professor-on-pension-groups-response-to-magna-share-restructuring-proposal-2","status":"publish","type":"post","link":"https:\/\/www.yorku.ca\/research\/2010\/06\/07\/corporate-governance-professor-on-pension-groups-response-to-magna-share-restructuring-proposal-2\/","title":{"rendered":"Corporate governance professor on pension groups' response to Magna share restructuring proposal"},"content":{"rendered":"

Two of Canada\u2019s massive public pension funds are blasting a plan by Magna International Inc. to simplify its share structure and pay the Stronach family US$863 million, wrote Canwest News Service June 3.<\/p>\n

Both Canada Pension Plan Investment Board and the Ontario Teachers\u2019 Pension Plan are expressing outrage at the compensation arrangement and are hoping to draw a line in the corporate sand as a warning to other companies that might be considering similar manoeuvres.<\/p>\n

\u201cIt\u2019s turning into a bit of a showdown,\u201d said Richard Leblanc<\/strong><\/a>, professor of corporate governance and ethics in York\u2019s School of Administrative Studies<\/a> in the Faculty of Liberal Arts & Professional Studies. <\/a>\u201cMagna is an incredible success story and there has been wide latitude for past consulting payments made to (board chair Frank) Stronach, but with a premium this large, the eyebrows have been raised\u2026. The (pension plans) are sending an unambiguous message to the market that this is unacceptable,\u201d Leblanc added.<\/p>\n

Republished <\/em>c<\/em>ourtesy of <\/em>YFile<\/a>\u2013 York University\u2019s daily e-bulletin.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Two of Canada\u2019s massive public pension funds are blasting a plan by Magna International Inc. to simplify its share structure and pay the Stronach family US$863 million, wrote Canwest News Service June 3. Both Canada Pension Plan Investment Board and the Ontario Teachers\u2019 Pension Plan are expressing outrage at the compensation arrangement and are hoping […]<\/p>\n","protected":false},"author":37,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[39],"tags":[],"class_list":["post-31444","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"\nCorporate governance professor on pension groups' response to Magna share restructuring proposal | Research & Innovation<\/title>\n<meta name=\"description\" content=\"For immediate release: Corporate governance professor on pension groups' response to Magna share restructuring proposal. 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