Power Corp. profit up 12 per cent; chairman denounces new governance rules

Holding companies and those controlled by a small group of shareholders shouldn't necessarily be subjected to the same governance norms as those publicly traded firms that are widely held, Power Corp.'s chairman said at the company's annual meeting Tuesday.

Paul Desmarais Jr., picking up one of his favourite themes, said he fears that managers will be stifled by a new tightening of governance rules.

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