#Canada #Calgary #Parkland Corporation #Simpson Oil #Governance Agreement

Parkland Corporation Updates on Judicial Governance Agreement Decision

In a recent announcement, Parkland Corporation, a prominent fuel distributor and convenience retailer operating in multiple countries, has made important disclosures concerning its governance agreement with Simpson Oil Limited. Notably, the Ontario Superior Court of Justice has determined that Simpson Oil is no longer bound by certain voting restrictions and suspensions linked to their governance agreement, which was first established in 2019. This decision comes after Simpson Oil initiated legal proceedings seeking to clarify its obligations under the agreement.

From the outset, both entities had aimed to ensure that the governance framework would protect the interests of Parkland's shareholders. The agreement was crucial for ensuring that decisions made by Parkland would have the backing of all significant stakeholders, including Simpson Oil. Despite this latest court ruling, Parkland is keen to emphasize that the company remains open to representation from Simpson Oil within its board. This openness underscores a commitment to collaborative governance practices that prioritize transparency and aligned interests.

Parkland's leadership views this court ruling as an opportunity to reaffirm its dedication to maximizing shareholder value. The organization is steadfast in its focus on promoting the best interests of all shareholders, maintaining its long-term growth strategies that were outlined during its initial public offering. Parkland continues to strive to enhance its operational framework, aiming for efficiency and profitability in all its business areas.

About Parkland Corporation

Parkland Corporation has established itself as a formidable player in the fuel distribution landscape, serving over a million customers every day across 26 countries in the Americas. With a robust retail network, it meets the fuel and convenience needs of everyday consumers. The company’s commercial operations are designed to support businesses with industrial fuel requirements, ensuring they can serve their clients effectively.

Additionally, Parkland is taking proactive steps to assist its customers in reducing their carbon footprints. This includes sourcing, manufacturing, and blending renewable fuels, as well as trading carbon, venturing into solar energy, and facilitating ultra-fast electric vehicle charging stations.

Operating nearly 4,000 retail locations in Canada, the United States, and the Caribbean, Parkland boasts a well-integrated supply, distribution, and trading infrastructure that accelerates growth and business performance. The company's strategy rests on two core pillars: customer advantage and supply advantage, aiming to be the preferred choice for customers while minimizing service costs across challenging markets.

By leveraging its extensive network, competitive pricing, and reliable service, Parkland aims to foster customer loyalty, further solidifying its market presence. Safety, integrity, community, and respect form the cornerstone of Parkland’s corporate culture, ingrained deeply within the company’s ethos.

For any inquiries, including investor-related questions, Parkland has made provisions for direct communication lines via their designated contact numbers. Their approach to business remains focused on innovation and responsibility, ensuring that they contribute to both shareholder returns and societal welfare.

In summary, Parkland Corporation is navigating significant legal and operational challenges with a focus on long-term success, all while remaining committed to its shareholders and customer base. This recent court ruling may redefine the relationship dynamics within its governance framework, but Parkland stands firm in its strategic direction.