The global financial and economic crisis highlights the need to regulate capitalism and make it more ethical, as French President Nicolas Sarkozy said last fall in Quebec City.
— Claude Béland, MEDAC chairman (Mouvement d’éducation et de défense des actionnaires), a shareholders’ rights group.
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I am glad to note that Chancellor Angela Merkel is sharing the same ideas as me! This is what we probably call the feminine common sense!
BERLIN (Germany) - BRIAN PARKIN AND RAINER BUERGIN (Bloomberg News) - Chancellor Angela Merkel’s coalition pushed a law through parliament aimed at restricting manager pay at German public companies, going further than steps proposed in the United States or Britain.
The package of measures includes steps to give supervisory boards more power to set salaries and financial penalties for executives who are found guilty of negligence.
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On June 2, as part of a major reform I have undertaken to renew the management of publicly traded companies and Crown corporations, I introduced a bill in the Senate.
Bill S-238 would require publicly-traded companies, financial institutions and federal government enterprises to ensure gender parity on their boards of directors from now on.
Fine words and good intentions on promoting women’s equality on boards of directors are no longer enough.
The purpose of Bill S-238 is to ensure parity for women on the board of directors of publicly traded corporations, financial institutions and federal Crown corporations.
Women are active participants in the business community, as business owners, shareholders, officers, managers and employees, and they also play an important role in the market as consumers, so they should have equal representation in the management of business.
A great many women in Canada have the qualifications and experience to act as corporate directors, but the number of women in top corporate positions does not come close to reflecting their economic importance…
In Bill S-235, the previous bill I tabled in the Senate, I proposed that a person cannot sit on more than four boards of directors. Seats will become available as a result and, under Bill S-238, we can ensure that women are appointed to those vacancies. Given the moral crisis that is shaking the capitalist system, boards of directors urgently need a complete cultural overhaul.
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