LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

We can only hope...

[stwatcher]

The Globe and Mail reports in its Tuesday edition five of Canada's biggest companies have replaced their chief executive officers so far this year. The Globe's Boyd Erman writes the corner offices at Barrick, Kinross , Nexen, CP Rail and now Talisman have new tenants. That is the kind of attrition you expect from NHL coaches. In a time of mediocre returns, those who advise boards had long warned that investors were about to become more activist, and put management and directors on a shorter leash. It is happening. The spillover effect of Canadian Pacific is hard to overstate. The proxy battle that began in late 2011, and ended with the resignations of several board members and CEO Fred Green, signalled that directors who dithered on changing strategy or chief executives could find themselves out of work as well. The Kinross, Barrick and Talisman CEO changes all came swiftly after the conclusion of the CP drama. Talisman's board could sense the mood of the market. There was no open revolt by shareholders, but the potential for one was there, so the board replaced CEO John Manzoni. Hedge fund West Face Capital had suddenly appeared on the shareholder list, buying up almost 11 million shares in the second quarter.