Ackman Sends Wake-Up Call to Sleepy Boardrooms
MONTREAL William Ackman's triumph at Canadian Pacific Railway may echo across boardrooms far from the railroad's Calgary headquarters.
In a Canadian corporate culture long resistant to activist shareholders, the U.S. hedge-fund manager sounded a rousing wake-up call by ousting a chair, a CEO and four directors, said Karl Moore, professor of business strategy at McGill University in Montreal.
"New York-style capitalism has landed in Canada with both feet on the ground," Moore said. "It will be a shot across the bow for any publicly traded corporation in Canada. It will make directors ask themselves if they have been active enough, or whether they have just been sitting back and letting the CEO run things."
Read full article: The Hamilton Spectator, May 18, 2012