Despite the Board’s protestations and public accusations, under section 14.10 of Valeant’s Articles, Schiller can only be removed if he’s no longer qualified as a director. According to the Business Corporations Act of British Columbia, Schiller is undoubtedly still qualified. Furthermore it would require a Special Resolution to remove him if he continues in his refusal to offer his resignation; such a special resolution would require a two thirds vote of Valeant shareholders. Although the updated website profile is a TOTAL SPOOF, based on the above facts of law regarding whether Schiller is still qualified, I expect things may remain pretty tense in Valeant’s Board Room for a while to come, particularly as they are accusing him things he clearly disagrees with.
