Parkland Corporation Comments on Recent Court Ruling Regarding Governance Agreement
Parkland Corporation, a leading fuel distributor and convenience retailer operating globally, has provided an update regarding a recent decision made by the Ontario Superior Court of Justice. This ruling determined that Simpson Oil Limited, a significant stakeholder in Parkland, is no longer bound by the voting and standstill restrictions outlined in the Governance Agreement established between the two parties in 2019.
The agreement was initially designed to safeguard the interests of Parkland's shareholders, ensuring that Simpson Oil's influence did not disproportionately affect the company's governance structure. This decision comes after Simpson Oil sought a court declaration to affirm its freedom from the terms stipulated in the Governance Agreement, providing it with greater flexibility in its operations and representation in Parkland's governance.
In response to the ruling, Parkland Corporation emphasized its longstanding openness to having representatives from Simpson Oil on its Board. The company reiterated that its commitment to serving all shareholders remains unchanged and unyielding. Parkland's focus continues to be on enhancing value and executing its long-term growth strategy while maintaining robust operational foundations that bolster its success in the market.
Parkland Corporation has built a reputation as a prominent fuel distributor, serving over one million customers daily across 26 countries within the Americas. The company's extensive retail network supports the everyday fuel and convenience needs of consumers. In tandem with its retail operations, Parkland offers a wide array of industrial fuels to commercial entities, aiming to help these businesses better meet their own customers' demands.
To address the rising environmental concerns in today's marketplace, Parkland has committed to offering various solutions that cater to the demand for sustainable choices. These initiatives encompass sourcing and manufacturing renewable fuels, engaging in carbon and renewables trading, leveraging solar power, and providing ultra-fast electric vehicle (EV) charging capabilities. With a wide footprint that includes approximately 4,000 retail and commercial locations in Canada, the United States, and the Caribbean, Parkland is well-positioned to foster growth and enhance business performance across its operations.
The company has structured its strategy around two key pillars. The first, known as Customer Advantage, aims to cement Parkland's status as the primary choice for customers. This pillar focuses on building loyalty through unique branding, tailored service offerings, a vast network, competitive pricing, and an appealing loyalty program. The second pillar, referred to as Supply Advantage, strives to maintain the lowest operational costs within challenging market segments, leveraging Parkland's strategic assets, scalability, and advanced supply and logistics frameworks.
At the heart of Parkland Corporation’s operations are its employees and core values, which include safety, integrity, respect, and a sense of community. These guiding principles are integral to establishing an environment that fosters collaboration and success across the organization. As Parkland continues forward, it remains steadfast in its commitment to shareholder engagement and delivering robust performance that reflects its strong operational foundation.
The agreement was initially designed to safeguard the interests of Parkland's shareholders, ensuring that Simpson Oil's influence did not disproportionately affect the company's governance structure. This decision comes after Simpson Oil sought a court declaration to affirm its freedom from the terms stipulated in the Governance Agreement, providing it with greater flexibility in its operations and representation in Parkland's governance.
In response to the ruling, Parkland Corporation emphasized its longstanding openness to having representatives from Simpson Oil on its Board. The company reiterated that its commitment to serving all shareholders remains unchanged and unyielding. Parkland's focus continues to be on enhancing value and executing its long-term growth strategy while maintaining robust operational foundations that bolster its success in the market.
Parkland Corporation has built a reputation as a prominent fuel distributor, serving over one million customers daily across 26 countries within the Americas. The company's extensive retail network supports the everyday fuel and convenience needs of consumers. In tandem with its retail operations, Parkland offers a wide array of industrial fuels to commercial entities, aiming to help these businesses better meet their own customers' demands.
To address the rising environmental concerns in today's marketplace, Parkland has committed to offering various solutions that cater to the demand for sustainable choices. These initiatives encompass sourcing and manufacturing renewable fuels, engaging in carbon and renewables trading, leveraging solar power, and providing ultra-fast electric vehicle (EV) charging capabilities. With a wide footprint that includes approximately 4,000 retail and commercial locations in Canada, the United States, and the Caribbean, Parkland is well-positioned to foster growth and enhance business performance across its operations.
The company has structured its strategy around two key pillars. The first, known as Customer Advantage, aims to cement Parkland's status as the primary choice for customers. This pillar focuses on building loyalty through unique branding, tailored service offerings, a vast network, competitive pricing, and an appealing loyalty program. The second pillar, referred to as Supply Advantage, strives to maintain the lowest operational costs within challenging market segments, leveraging Parkland's strategic assets, scalability, and advanced supply and logistics frameworks.
At the heart of Parkland Corporation’s operations are its employees and core values, which include safety, integrity, respect, and a sense of community. These guiding principles are integral to establishing an environment that fosters collaboration and success across the organization. As Parkland continues forward, it remains steadfast in its commitment to shareholder engagement and delivering robust performance that reflects its strong operational foundation.
Topics General Business）
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