Terence Corcoran: The Rogers dual-class share market

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Don’t kill dual\u002Dclass shares\u003B free the investment market

The decision, expected in the next day or so, will be based on a raft of details, family intrigue and legal complexities under B.C. securities legislation. We leave those details aside for the moment and look at the renewal of the great campaign against dual class shares.

Another suggestion is that the Rogers family, which holds 97 per cent of voting shares and only 10 per cent of non-voting shares, is by implication not acting in the best interest of all shareholders and the unprotected masses of institutional and individual investors who own 90 per of the company. McCall dismissed the argument that dual-class shares protect corporations from unwanted takeovers and interference from assorted activist and minority shareholders out to stage revolts. McCall’s main objection seems to be that the dual-class structure fosters cronyism, nepotism and a general “lack of accountability.”

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