To cure this deficiency, the company, and their solicitor, backdated the contracts of the newly hired employees to a date before the application to unionize.The Law Society of Upper Canada Ontario Discipline Committee determined that backdating the employment contracts was for the purpose of misleading a third party, and suspended the solicitor for a period of twelve months.Three and a quarter years of earnings will need to be reduced by the amount of the errors.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.
has demonstrated why it’s still a poster child for poor corporate governance. securities filing, Balsillie liquidated his substantial ownership stake in the struggling smartphone maker within 12 months of his departure last year after a radical management overhaul. To be fair, CCGG doesn’t prescribe precisely how much time should elapse before a senior executive like Balsillie could unload shares, but the principle is predicated on keeping some skin in the game.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.After all, he and former co-CEO Mike Lazaridis have sold parcels of stock in the past, mostly to fund philanthropic causes. Balsillie became one of Canada’s most high-profile executives and a dominating presence within RIM since he arrived in 1992, after investing 0,000 of his money by re-mortgaging his house in what was then a fledgling tech play dependent on the innovation of Lazaridis and his boyhood friend Doug Fregin.You can't cover everything in a book, and I thought the authors made good choices about what to include.It focuses on the Mike Lazaridis-Jim Balsillie era (and relationship) and quickly goes over the subsequent Thorsten Heins period.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.For 20 years, Balsillie and Lazaridis became the duo that drove RIM from a local startup to a major global player on the success of the Black Berry wireless email device.An accountant by training, Balsillie was the front man raising money to fund the research and development for the publicity-shy Lazaridis. Inevitably, he played the bad cop, a role for which his combative and tenacious personality was well-suited.It was very controversial and I would have been interested to read current comments from surviving senior Com Dev execs about their relationship with RIM.I was interested to read that RIM's infamous options backdating episode was a big deal to Lazaridis and added to the rift with Balsillie.