Edward Rogers is seeking to assert his control over Rogers Communications Inc. and there may not be much the company can do to stop him, an expert says.
is seeking to assert his control overCommunications Inc. and there may not be much the company can do to stop him, an expert says.
Richard Leblanc, a professor of governance, law and ethics at York University, said successfully countering Edward move to replace the directors will be tough, if not impossible., who arranged the company so that his family trust controls 97 per cent of the firm's class A voting shares, Leblanc said.'s intention was to ensure his company stays in his family's hands and to make it difficult to oust his relatives or dilute their control.
“Several directors that are on these types of boards have told me that their role as a director is to give counsel, but at the end of the day, the founder has the authority and you owe your board seat to founder, so its founder's way or the highway,” said Leblanc., where an unconventional corporate governance structure, little turnover and a lack of independent committees and chairs offers fewer checks and balances, he said.
The company has also said it is concerned that the trust would seek to make a fundamental change in such an unusual way and has not yet received any documentation from Edward or the trust regarding the board member changes.While the company weighs a response to about Edward's decisions, it's also awaiting regulatory approvals for a $26-billion deal it signed earlier this year to take over rival Shaw Communications Inc.
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