quality=60&strip=all&w=620" /Jim Balsillie went from hero to zero, and once again, the hapless board at Black Berry Ltd.Forget about concerns Balsillie’s liquidation was a sign Black Berry’s former long-time leader has no confidence in the company’s corporate reboot and the new BB10 operating system. Securities and Exchange Commission revealed Balsillie’s selloff of 26.8 million RIM shares. When he occupied the corner office in 2011, Balsillie was the third-largest individual shareholder with a 5.1% stake. The Canadian Coalition on Good Governance requires executives of publicly traded companies to hold a significant portion of their net worth in the corporation, not just while employed there, but “ideally for a period of time after cessation of employment.” This best practice is also advocated by governance groups in the U. “The board let him jettison all his shares rather than have a staggered period of containment for the sake of the company.” In any event, it’s not clear at which point in 2012 Balsillie unloaded his shares, but given that Black Berry’s stock price ranged between .22 and .32 during the past 52 weeks, he could have fetched between US6.7-million and US1-million.The shares closed almost 8% higher on the Toronto Stock Exchange on Feb. There could be any number of reasons why Balsillie wanted — or needed — to bail entirely on Black Berry. founder and CEO, famously unloaded all but one of his shares in the i Phone maker after he was dumped from the tech giant in 1985.
In its press release RIM announced that, "Consistent with current best practices in corporate governance, the roles of Chairman and CEO are being separated. Balsillie has voluntarily stepped down from the role of Chairman to allow future consideration of a non-executive Chairman by the Nominating Committee. Balsillie will retain his leadership roles as Co-CEO and Director." In addition, the release states that "the board has been expanded from seven members to nine." Regarding his stepping down as chairman, Jim Balsillie, says "That one's overdue in everybody else's mind," he said. 1 recommendation by all the governance practices by every single Canadian regulator." "We were one of the last holdouts for separating chair and CEO (positions), which seems to be something that people are focusing in on.
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It is common for two parties, particularly in the commercial context, to enter into a contract at one time, but agree to have the contract come into effect at an earlier time. Courts respect the parties' decision to backdate since giving effect to backdating provisions respects the parties' intentions as well as their freedom of contract., 1968 (the date the contract was delivered to the insured).
The Court considered the construction of the whole policy and held that the exclusion clause took effect on the backdated date chosen by the parties.