Dorsey Gardner, a fund manager and longstanding investor in the company, voiced opposition to Prem Watsa, the company’s compensation-committee chair and CEO of its second-biggest shareholder, Fairfax Financial Holdings, ahead of tomorrow’s annual general meeting. (The Logic)
Talking point: Gardner’s salvo comes on the heels of proxy advisory firm Glass Lewis recommending that Watsa shouldn’t be re-elected as lead director, arguing that BlackBerry’s executive pay hasn’t been aligned with performance. At issue are ongoing concerns about BlackBerry’s compensation policy and amendments to an equity-incentive plan, which over 23 per cent of votes were against last year. Since then, the company’s Toronto-listed shares have been volatile, ranging between $5.82 and $36. Glass Lewis’s report notes that BlackBerry’s shares benefited from meme-stock rallies that also lifted GameStop and AMC. Meanwhile, the company launched an advisory council on Tuesday for its Ivy platform that will focus on building automotive applications with companies like Telus and AWS.