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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Uses external citations to frame the argument against dual-class structures.",
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      "text": "Generations have passed since the original founders controlled the business. Current leadership has not successfully navigated the changing retail environment",
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      "kind": "callout",
      "text": "While a dual share class structure benefits the controlling family, it is not in the best interest of all shareholders and overall corporate governance",
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      "text": "CTC has made questionable, failed acquisitions and recent share repurchases which we believe have destroyed shareholder value",
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      "text": "Canadian Tire's dual share class structure (voting Common Shares and non-voting Class A Shares) is destructive for shareholders value. CTC's non-voting shares allow management and the Board to hide from accountability.",
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      "text": "The principal arguments against such structures are based on notions of shareholder democracy and protection of minority rights. Perhaps as a result, the number of publicly traded companies in Canada with a dual-class share structure has dropped from 100 in 2005 to 69 in 2018. — Mondaq Article",
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      "text": "Dual Share Class: No Accountability",
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