Richard Leblanc/ Proxy access – The Chariot
The Chariot card is all about overcoming challenges. The use of willpower is critical in ensuring that you overcome the obstacles that lie in your path. The Chariot meaning can represent the balance of two urges, represented by the two horses in the card. These could be the internal urge to bring about change, balanced with the external urge of others to maintain power and reject diversity.
Richard Leblanc/ Proxy access facts:
- Professor of Governance at Harvard, Member of the Canadian Coalition for Good Governance, etc.
- Runs the “Governance Blog”; a source of governance commentary.
- Advocate of “proxy access”
- Shareholder(s) who i) own a modest, minimum threshold of shares; ii) for a period of time; can select up to 25% of proposed directors of the total board, in an uncontested election in a given year.
- Shareholder board nominees would be alongside, in the management proxy circular, in alphabetical order with bios equal to the management director slate.
- Management would have to include shareholder-nominated directors if the requirements were met.
- This way, shareholders get to decide who the best directors would be from the candidates (given equal treatment) presented to them.
- Focus would be solely on qualifications, competencies and track records.
- Industry Canada is looking at implementing proxy access for all federally incorporated companies.
- Proxy access proponents say that it will lead to the election of inexperienced directors (but evidence shows the opposite of this).
- Management generally fights vigorously to resist this model.
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