Make an object follow and face an object while maintaining distance from a different object.

Hello guys !

Currently i have an object that has 3D World Space canvas as a child ! The canvas is currently positioned above the object and is made to face the players camera ( VR camera ) with this code :

   void Update()
     {
         Camera camera = Camera.main;
 
         var lookPos = transform.position - camera.transform.position;
         lookPos.y = 0;
         var rotation = Quaternion.LookRotation(lookPos);
         transform.rotation = Quaternion.Slerp(transform.rotation, rotation, Time.deltaTime * 2);
     }

With some objects the positioning of the canvas does not work (its being blocked by the object) and i want it to follow the camera, while keeping a certain distance from the object its attached to..

Something like this :

Anybody has any suggestions how i can do it ?