US EditionActivist investor hasn’t cleared bar to take control of Parkland board, advisory firm says
- Institutional Shareholder Services says activist investor Simpson Oil has not met the threshold to control Parkland Corp.'s board ahead of the May 6 meeting in Calgary.
- Simpson, an investor based in the Cayman Islands holding nearly 20% of Parkland's shares, has been in dispute with the Calgary-headquartered fuel company over its governance and performance for roughly a year, seeking to appoint nine directors to Parkland’s board.
- ISS recommends shareholders split votes between six dissident nominees and seven management candidates, while Glass Lewis supports seven seats for Simpson and six for management.
- ISS emphasizes the strong need for significant changes, acknowledging that although the dissident’s proposal lacks the typical thoroughness expected, the potential risks of the dissident taking control are outweighed by this necessity.
- Parkland plans to reduce its board from thirteen to eleven members by next year amid CEO transition, suggesting partial reconfiguration rather than full overhaul as advocated by the advisory firms.
9 Articles
9 Articles
Simpson Oil Reminds Parkland Shareholders to Vote the GOLD Proxy Card For Meaningful Boardroom Change
GRAND CAYMAN, Cayman Islands -- Simpson Oil Limited (“Simpson Oil”, “we” or “our”), the largest shareholder of Parkland Corporation (“Parkland” or the “Company”), holding 19.8% of the Company’s outstanding common shares, reminds shareholders to vote FOR its nine highly-qualified director nominees using the GOLD universal proxy card ahead of the Company’s upcoming Annual General Meeting (the “Meeting”) on May 6, 2025.
Activist investor hasn't cleared bar to take control of Parkland board, says advisory firm
Activist investor Simpson Oil owns just under 20 per cent of Parkland Corp. shares and wants nine of its directors added to the organization's board at its May 6 shareholder meeting in Calgary.
Bowen Island Undercurrent
Activist investor hasn't cleared bar to take control of Parkland board: advisory firm
CALGARY — A prominent shareholder advisory firm says a dissident investor has not cleared the bar to justify taking control of Parkland Corp.'s board of directors, but there is a case for change.
Activist investor hasn’t cleared bar to take control of Parkland board: advisory firm
CALGARY - A prominent shareholder advisory firm says a dissident investor has not cleared the bar to justify taking control of Parkland Corp.'s board of directors, but there is a case for change.
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