Gildan CEO Glenn Chamandy Announces Company Will Pay Global Minimum Tax Rate
Glenn Chamandy, the CEO of Gildan, recently announced that the Montreal-based clothing manufacturer will pay the global minimum tax rate once the legislation is enacted. The global minimum tax rate for profits of large corporations, set at 15% by the OECD, will be implemented by the Canadian government by the end of the year. This decision comes after the previous administration of Gildan committed to paying the global minimum tax as part of a new investment agreement with the Caisse de dépôt et placement du Québec.
Gildan Secures Investment Deal with Caisse de dépôt et placement du Québec
The investment agreement between Gildan and Caisse de dépôt et placement du Québec includes a commitment to maintaining a strong local leadership and keeping the global headquarters in Quebec for at least seven years. This agreement follows a period of power struggle within Gildan, which cost the company over 65 million US dollars in legal and administrative fees. Despite the costly battle, Glenn Chamandy is optimistic about the future of Gildan and looks forward to evaluating the long-term investment offer from Caisse de dépôt et placement du Québec.
Gildan CEO Glenn Chamandy Returns to Lead Company After Board Resignations
Glenn Chamandy’s return to Gildan as CEO marks the end of a tumultuous period that began with his sudden dismissal for strategic reasons. The power struggle within Gildan, which involved investor dissent and legal battles, culminated in the resignation of the entire board of directors. Chamandy’s reinstatement was supported by a coalition of institutional shareholders led by Browning West, who successfully overturned his dismissal. Despite the challenges faced by the company, Gildan remains one of the top 20 publicly traded companies in Quebec with a market capitalization exceeding 8 billion dollars.
In conclusion, Glenn Chamandy’s leadership and commitment to paying the global minimum tax rate reflect Gildan’s dedication to responsible corporate governance and long-term sustainability in the Quebec business community.
