The Globe and Mail reports in its Monday edition that 2019 has barely begun, yet some have already started wringing their hands in public about the fate of Corporate Canada. Guest columnist Robert Yalden writes that this time, the focus is a set of changes which are unfolding at Barrick over its decision to acquire Randgold Resources Ltd. The result is that instead of having several resident Canadian directors, it will have only one, and reducing the number of positions in Barrick's Toronto head office from the 150 or so to 65 or 70. On the whole, since the introduction of residency requirements in some jurisdictions at the height of nationalist fervour in the 1970s, the trend in recent years in Canada has been to loosen these requirements or do away with them altogether. Mr. Yalden argues that if we are going to wring our hands about Barrick's fate, let us at least do so in a way that ensures we discuss some of the policy issues that this episode should have us focus on. Mr. Yalden suspects there is limited appetite in Canada to revert to the stricter director residency regime we once had and that there is even less of an appetite for having government mandate what head-office jobs must be filled by Canadians.
© 2019 Canjex Publishing Ltd. All rights reserved.