The Globe and Mail reports in its Tuesday, Feb. 9, edition that until recently, Canada had a reliable
cast of plain speaking business people who would openly say what was on their mind, such as pension plan titan Claude
Lamoureux or respected investor
Stephen Jarislowsky or former
Toronto-Dominion Bank boss Ed
Clark. The Globe's Tim Kiladze writes that over the past decade, most
of their ilk have retired or taken a
step back, leaving a vacuum in
their wake. The next generation
of bigwigs is much more
meek.
Today, too many prefer to wage
silent wars, somehow believing
that "withholding" their votes is a
strong enough scare tactic.
This
silent treatment happens with
more frequency now that the Big
Six banks dominate Canadian
mutual funds. Their portfolio
managers are almost never
allowed to speak their minds.
The recent fight
between Suncor Energy and Canadian
Oil Sands was so refreshing because Seymour
Schulich owns a big chunk of COS. Mr. Kiladze notes that Mr. Schulich is one of few remaining
savants from the old
guard. There are ugly
consequences to Canadians'
silence, says Mr. Kiladze. To get
ahead of the problem, he says Canadians
need to speak up -- just a little.
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