The Globe and Mail reports in its Tuesday edition that for retired investors, shares in banks, telecom and energy companies are golden geese, dependably cranking out ever-increasing dividends. The Globe's Andrew Willis writes that these days, the golden geese are ailing. Any senior who has loaded up on BCE or TD Bank shares knows, stocks kicking off decent yields are taking a beating. Part of the downturn stems from the spike in interest rates; part of the problem is poor management. A series of government policy shifts -- higher capital-gains taxes, hikes in capital requirements at banks, carbon taxes and "quixotic" telecom regulation -- combine to reduce the returns investors can expect from Canada's flagship public companies, according to a report by CIBC World Markets. CIBC analyst Ian de Verteuil said in the report, "Policies that pressure return on equity in these sectors can directly reduce the ability of these companies to grow dividends, and retiree income, over time." Giving Canadians more reasons to move their money out of public companies and into foreign holdings would be bad public policy. CIBC estimates individual investors account for 35 to 45 per cent of shareholders in domestic public companies.