Late last year, the Empire Company disclosed in a management information circular that its former President and CEO, Marc Poulin, received $2-million worth of performance share units for presiding over Sobey’s $5.8-billion acquisition of western Canadian grocer Safeway. Expressing his views in an interaction with The Chronicle Herald, Paul Gryglewicz, Senior Partner, Global Governance Advisors, noted that the investment community, today, is taking a stronger negative stance on these types of award arrangements. According to Mr. Gryglewicz, the Sobeys-Safeway deal has been an object lesson for investors who now no longer see the value in just closing the deal.
He also underscored the importance of engaging with shareholders and representation of women on boards. Applauding Emera as being a leader in gender diversity, Mr. Gryglewicz was quoted as saying,”Emera has four women on its board already. You’re usually lucky to see one woman on a board of directors these days so they have a fair degree of gender balance.”