Former premier Mike Harris ends his stint as a Magna International power broker

Two years ago, Magna International’s lead director (and Ontario’s former premier) Mike Harris presided over a controversial $1-billion buyout of founder Frank Stronach—and shareholders are still mad. Enough so that Harris, now chairman, has decided to resign. In a letter to shareholders, he said he would not seek re-election at the company’s general meeting in May, which is probably smart, considering directors now require the support of a majority of shareholders, and he received only 38 per cent of the vote last year. The ousting of Harris and two other board members is part of Magna’s attempts to fix some serious corporate governance issues, having previously revamped its corporate governance policies and a cumbersome management structure with two CEOs. Dumping a co-CEO format and pushing out high-profile board members—now who does that remind us of? Read the entire story [Financial Post] »