Fairfax Financial CEO and chair Prem Watsa will still be a member of BlackBerry’s compensation, nomination and governance committee, but he will be replaced by veteran IT executive Michael Daniels as leader of it. The move comes months after proxy-advisory firm Glass Lewis recommended against re-electing Watsa as compensation committee chair of BlackBerry’s board. (The Logic)
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Fairfax Financial CEO and chair Prem Watsa will still be a member of BlackBerry’s compensation, nomination and governance committee, but he will be replaced by veteran IT executive Michael Daniels as leader of it. The move comes months after proxy-advisory firm Glass Lewis recommended against re-electing Watsa as compensation committee chair of BlackBerry’s board. (The Logic)
Talking point: Even though Watsa was re-elected at June’s annual general meeting and remains lead director of the board, BlackBerry said it would review the company’s compensation plan, after Glass Lewis gave it an “F” grade. BlackBerry CEO John Chen said Thursday that the Waterloo, Ont., company considered shareholders’ concerns when changing Watsa’s role, one of two leadership “refreshments” on the board’s committees. One of Glass Lewis’s criticisms ahead of this year’s meeting was Watsa’s control of Fairfax, which at that time owned about 15 per cent of BlackBerry on a fully diluted basis.
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