SNC-Lavalin’s Biggest Investor Faults Board Over Graft Probe
This article is for subscribers only.
SNC-Lavalin Group Inc.’s biggest shareholder said directors provided inadequate oversight before a probe of incorrectly booked payments led to the chief executive officer’s resignation and a former vice president’s arrest at Canada’s largest engineering company.
“We have a board that didn’t keep its eye on things,” said Stephen Jarislowsky, CEO of Montreal-based money manager Jarislowsky Fraser Ltd., which holds about 14 percent of SNC-Lavalin’s stock. “The discipline was pretty loose.”