Onex to reduce proposed sunset provision for multiple-voting shares

TORONTO – Onex Corp. says it is shortening the proposed sunset provision for its multiple-voting shares to three years from its initial plan for five.

The company says the change to the proposed plan, which will be voted on at the company’s annual meeting in May, comes after consultations with shareholders.

Onex chairman and chief executive Gerry Schwartz is the sole holder of the company’s multiple-voting shares.

The multiple-voting shares allow him to elect 60 per cent of the company’s directors and carry 60 per cent of the shareholder votes.

The company announced the proposed sunset provision for the shares last year when it also said Schwartz would step down from the chief executive role after its next annual meeting.

Onex president Bobby Le Blanc has been tapped to become chief executive.

This report by The Canadian Press was first published March 27, 2023.

Companies in this story: (TSX:ONEX)