In addition to the prospect of one of the world’s most important resource corporations falling into foreign hands, Jarislowsky is appalled, like most Canadians, at the stock option for Potash chief executive Bill Doyle, if he were bought out, of an estimated US$445 million — almost as much as the province of Saskatchewan earned in royalties from the world’s biggest and best potash deposit.

“This is outrageous. This board gave him options and forgot that the stock price is driven by the price of potash, which is something he has no control over. This is an indication of how stupid they are,” he said.

The deposit, and licence to produce, is owned by the province, so the Premier should stop this proposed sale immediately or threaten to pull the licence, Jarislowsky said.

Such an obscene amount of money to a CEO is an incentive to sell the company rather than hold onto it for existing shareholders, given the incredible prospects for potash sales and prices as Asia requires more food.

In my view, and Jarislowsky’s, it is time to realize that Canada is targeted by companies that are bigger than some of our governments and will hollow out the nation. For instance, bidder BHP Billiton made a profit in 2009 of US$16-billion on revenues of US$44-billion while Saskatchewan made total tax and royalty revenues in 2009 of $9.5-billion with 1.2 million “shareholders,” or residents. And legally they own the deposit and should get all the benefits.

The world has changed and Canada’s head offices are disappearing rapidly, along with our best assets. Nickel’s gone, steel’s gone, base-metal mining’s mostly gone, income trusts are mostly foreign now, and just wait for the buyout of our major oil, uranium, railway and real estate entities.

Jarislowsky, meanwhile, said he would vote for a takeover if it was at the right price, because he has a duty to his clients. On behalf of those clients he manages 8.82 million shares of Potash Corp., but says if it were up to him, the deal would be rejected.

Jarislowsky recommends the same restriction on Canadian major corporations as exists to protect our banks, which are licensed by the government. I would restrict these limits to resource companies with licences from governments:

-No single entity or individual can own more than 20%.

-No foreigner can own more than 10%.

-Companies and industries of strategic importance should be public-private partnerships, tapping public assets with private expertise, which will keep both honest.

-To that I would add that any new licences or renewals or changes of ownership should trigger an immediate carried interest of 25% for the government, plus proportionate board representation.

-Canada must impose investment reciprocity rules: Countries such as China, Abu Dhabi and Russia should be banned from buying Canadian companies, assets or stocks because they do not allow Canadians to buy resource companies in their countries, because Canadians cannot buy stock on their exchanges, or because they do not follow the rule of law.

Potash Corp. should be the straw that broke the camel’s back. The stock option payout is obscene and the board also handed itself $40-million worth of options.

These people have a conflict of interest when it comes to both sets of shareholders: the stock market shareholders and the taxpayers of Saskatchewan who own the deposit.

This is the line in the sand. Finally.