Governance practices
include, but are not limited to, the size and the composition of the board of directors,
the number of independent directors and women sitting on the board as well as the
duality between the position of CEO and the position of board chairman.
The data used in this study were mainly derived from an article published in October
7, 2002 in the Canadian Globe and Mail newspaper, which discussed the quality of
governance practices in a sample of companies. More precisely, the mentioned article
provided a global evaluation of corporate governance practices in each company
and assessed five governance practices: the composition of the board of directors,
the shareholding system (or control structure which includes internal shareholders,
blockholders and institutional investors), the compensation structure for managers,
the shareholding rights and the information sharing system.
Data related to the types of shareholding systems, the associated percentage of voting
rights and the total assets of each company were obtained from the ???StockGuide
2002??? database. Data related to the size of the board, the number of independent
directors and women sitting on the board, as well as the duality between the position
of CEO and the position of board chairman were extracted from the ???Directory of
Directors??? of the Financial Post newspaper.
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