The
A so-called sunset clause was put in place in 1995 to bring an end to the dual-class share structure when the youngest of the company founders turns 65 or dies.
The clause is triggered Wednesday with the birthday of the youngest founder,
The class A shares owned by the four founders — D'Amours,
Bouchard, who is executive chairman of the board, says the four founders will remain directors and closely involved in the organization.
"My commitment and leadership of the business will not change, and I am more confident than ever before that our size, our winning culture and strategy, and the structures that we have put in place, both at the executive management level and from a governance standpoint, will serve the business well," he said in a statement.
The four founders unsuccessfully tried to extend their voting rights in 2016, but a shareholder vote on the proposal was cancelled after they concluded two-thirds support from subordinate shareholders wasn't possible.
The four will still control a sizable number of shares, but no longer have the voting clout to unilaterally block any takeover bids or shareholder actions they dislike.
The issue of multiple-voting shares has come under renewed scrutiny because of the family battle at
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