Is “Say on Pay” changing the role of the CEO?

Move over Gord Downie, I do believe there's a new voice of Canada... a new Wheat King so to speak... and it goes by the name of Terence Cororan.

According to Mr. Cororan's recent article on "Say on Pay," the role of the Chief Executive Officer is transforming into the Chief Bureaucratic Officer quicker than you can say "day for night"! I honestly don't remember ever seeing an article that tossed so many well-aimed road apples at this subject. For example, check out this unplucked gem:

"Shareholders who have no idea will tell boards what to do, and then rush for the no-responsibility exit. What happens when know-nothing shareholders vote against the CEO’s pay package, prompting the board to curb the CEO’s pay and the CEO to move elsewhere? Will the same shareholders then try to sue directors for carrying out the shareholders’ advice?"

Though better boats been done by less water,  I seriously felt like my spine had been cracked like a whip when I read this piece. Clearly, this is not a guy who knows the dim possibility of showing some restraint. No sir. Mr. C brings it like a polar bear looking for his promised hibernation high... like a guy who wants to earn his fifty-mission cap the old fashion way.  Now, I don't know how old Mr. Cororan is but I don't think his point of view is generational. I didn't read this and think "Oh no, here's a guy who's waiting on the trickle down to come back in vogue." Rather, I took it as something akin to when the powers of observation comes to the periphery town. Frankly, in this path-of-least-resistance era - whether you agree with him or not - you have to admire his courage to take such a bold stance.

Thank you, Mr. Cororan, for reaffirming my belief that all the good ideas and critical thinking are coming from Canada these days. After reading your refreshingly frank words, something down deep inside me says, ‘Where ya been all my life.'  I hope you'll be writing on this subject again soon... sure, the kids don't get it and that might impact sales a bit but don't put it off for too long as this debate needs your voice.

(And - hey man, thanks - Gord for everything else. You're still ahead by a century in my book... with grace, too.)

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