SLIDESHOW: Top 5 Business Scandals of 2012
Less about money than ego the fight at CP Rail shed a harsh light on Canada's corporate class. The board at CP, a venerable but under-performing Canadian company was stocked with a who's who of this country's business elite. When American hedge fund billionaire Bill Ackman, who owns a significant minority of share, got fed up with the company's lackluster performance he staged the highest profile boardroom coup Canada's ever seen. He used his share position to launch a proxy fight to force the resignation of the CEO and chairman. After a very expensive and public skirmish, Ackman succeeded in installing his choice as CEO and in getting rid of a number of directors.