Monday, March 21, 2016

Valeant Updates Schiller's Website Profile

First off, click on the image below to read the screen grab from Valeant's updated website.

Despite the Board's protestations and public accusations, under section 14.10 of Valeant's Articles, Schiller can only be removed if he's no longer qualified as a director. According to the Business Corporations Act of British Columbia, Schiller is undoubtedly still qualified. Furthermore it would require a Special Resolution to remove him if he continues in his refusal to offer his resignation; such a special resolution would require a two thirds vote of Valeant shareholders. Although the updated website profile is a TOTAL SPOOF, based on the above facts of law regarding whether Schiller is still qualified, I expect things may remain pretty tense in Valeant's Board Room for a while to come, particularly as they are accusing him of things he clearly disagrees with.