#Canada #Calgary #Parkland Corporation #ISS #Simpson Oil

ISS Raises Concerns Over Control Efforts at Parkland

Recently, the Institutional Shareholder Services Inc. (ISS), a leading independent advisory firm, has released a report regarding the upcoming shareholder meeting of Parkland Corporation scheduled for May 6, 2025. The report highlighted significant concerns over Simpson Oil Limited's efforts to gain control of the board, marking a decisive moment in the corporation's governance.

Key Findings by ISS

ISS made it clear that Simpson did not meet the high threshold required to justify its control slate. This assertion emphasizes the expectation for substantial evidence and strategy from any dissident group attempting to alter corporate governance. The ISS report stated, "the threshold for a control slate is high, and the dissident has not successfully met it."

Further, ISS highlighted considerable deficiencies in Simpson’s proposed business strategy. They noted a lack of detail surrounding capital allocation, identification of potential divestitures, and specifics on cost-saving measures. The report concluded that such ambiguities hinder shareholders from objectively evaluating Simpson's plan if it succeeds in this campaign, thus casting doubt on its justification for total board control.

Concerns Regarding Simpson's Leadership Candidate

The advisory firm also expressed skepticism towards Mark Davis, Simpson’s proposed interim CEO, recommending that shareholders withhold support for his candidacy. This reflects broader concerns about the overall depth and clarity of Simpson's plans regarding the leadership transition. Such a lack of transparency raises questions regarding the corporate direction and coherence that shareholders might expect moving forward.

In stark contrast, ISS expressed strong support for Parkland's strategic initiatives, such as the ongoing strategic review and the comprehensive search for a new CEO that the board is presently undertaking. They emphasized that Parkland's board is suitably structured to oversee these vital processes and create value for shareholders.

A Call to Action for Shareholders

The message from Parkland’s management is clear—voting for Parkland's nominees is tantamount to voting for a seasoned, diverse, and independent board that directs a credible and thorough strategic review aimed at serving all shareholders' best interests. The company has appealed to all shareholders to cast their votes solely in favor of Parkland's candidates, reinforcing that this is critical for maintaining leadership committed to rigorous governance and maximizing shareholder value.

Voting Instructions

Shareholders are reminded to vote exclusively "FOR" Parkland’s candidates using the BLUE proxy form. The deadline for votes is set for May 2, 2025, at 9:00 AM (Mountain Time). For any assistance with the voting process, shareholders may contact Kingsdale Advisors at 1-888-518-6832 or via email at email protected]. More information about Parkland's candidates and rationale for exclusive voting on the BLUE form can be found at [www.ourparkland.ca.

About Parkland Corporation

Parkland Corporation is a premier international fuel distributor, marketer, and convenience store retailer, operating in 26 countries throughout the Americas. With around 4,000 retail and commercial locations in Canada, the U.S., and the Caribbean, the company focuses on meeting the essential fuel and convenience product needs of everyday consumers. In addition, Parkland is committed to sustainability, offering renewable fuel options, ultra-fast electric vehicle charging, and a range of solutions aimed at reducing environmental impacts. Its strategy revolves significantly around customer advantage and supply advantage, ensuring they remain a trusted choice for consumers while driving business growth and performance.

Looking Ahead

Certain statements in this press release reflect future projections about Parkland’s annual general meeting and related timelines. These projections involve known and unknown risks and uncertainties that could cause actual results or events to differ materially from those anticipated. We encourage all interested parties to refer to the detailed disclosures regarding risks and uncertainties presented on Parkland’s website, as these projections are only valid as of the date of this release and are subject to change without notice.

Contact Information: For additional inquiries, please reach out to Parkland Corporation through their official communication channels mentioned on their website.