#Canada #Calgary #Parkland Corporation #Simpson Oil #Proxy Voting

Parkland Corporation Reinforces Board's Leadership Role

In a recent announcement, Parkland Corporation has reaffirmed its strong belief in the capability of its board to lead critical strategic reviews and enhance shareholder value. Amidst ongoing tensions with Simpson Oil Limited, Parkland’s board emphasizes its commitment to navigating this complex process effectively.

As shareholders prepare for an upcoming Annual General Meeting (AGM), the atmosphere is charged with contention. The Simpson family, owning just under 20% of Parkland, has been accused of pursuing total control of the company without offering a premium to other shareholders.

Addressing Allegations

Michael Jennings, Executive Chair of Parkland, strongly rebuffed claims made by Simpson Oil, asserting that their nominated slate of directors is neither qualified nor independent. According to Jennings, the Simpson family's proposal includes individuals lacking necessary public company experience, raising questions about their capability to lead. The board’s response highlights a commitment to independent governance, noting that Parkland’s governance structure has been redesigned to prioritize the interests of all shareholders, not just a select few.

The Current Board's Qualifications

Parkland has recently revamped its board by appointing six new independent directors, each chosen for their extensive backgrounds in energy, governance, and corporate management. This diverse and seasoned board is essential for overseeing a successful strategic review, which aims to maximize value and address the needs of all stakeholders effectively. Jennings asserted that the revamped board brings a wealth of operational and strategic expertise crucial for a complex enterprise like Parkland.

A Clear Call for Vote

The coming AGM is pivotal for shareholders, who are encouraged to support the recommendations made by Parkland’s board. The management information circular has been distributed, and shareholders are urged to vote exclusively on the BLUE Proxy, supporting Parkland's nominees. This is not just a matter of representation but a broader commitment to governance that safeguards the interests of all shareholders. Parkland is dedicated to maintaining high standards of fiduciary responsibility, setting itself apart from the controversies surrounding Simpson’s agenda.

Ensuring Long-term Value

With an independent and robust strategic review currently in progress, bolstered by partnerships with Goldman Sachs Canada and BofA Securities, Parkland’s leadership is focused on delivering substantial value to all shareholders. The strategic review, driven by competent directors with deep knowledge of the energy sector, represents a cautious yet proactive approach to assessing potential avenues for growth and expansion. Parkland aims to enhance operational efficiency and competitiveness in a challenging market while addressing environmental responsibilities through sustainable practices.

Conclusion

As the AGM approaches, Parkland Corporation's board remains steadfast in its position, urging shareholders to recognize the difference between an independent, experienced leadership team and an unqualified slate driven by personal agendas. This is not merely a corporate restructuring; it's about ensuring that the direction taken is in the best interest of every shareholder. Shareholders are called upon to vote the BLUE Proxy to endorse a governance structure focused on collective growth and shareholder value maximization.

For more information, shareholders can visit Parkland's official website, where updates regarding the company and voting instructions are readily available.

Parkland is set on a course that exemplifies a commitment to integrity, expertise, and the ongoing pursuit of excellence in the energy sector. Through proactive measures and a dedication to independence, it seeks to reaffirm its place as a leader within the industry, ready to adapt and thrive for the benefit of all its stakeholders.