ISS has determined that Simpson does not meet the control threshold ISS questions Simpson's proposed strategy and CEO candidate Parkland's Executive Chairman, Michael Jennings, releases message to all shareholders
CALGARY, AB, April 29, 2025 /CNW/ - Parkland Corporation ("Parkland" or "the Company") (TSX: PKI) today commented on the report1 issued by Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, regarding the election of directors at Parkland's Annual General Meeting scheduled for May 6, 2025. In addition, Parkland's Executive Chairman, Michael Jennings released a short video to all shareholders. It can be viewed here.
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ISS affirmed that Simpson Oil Limited ("Simpson") has failed to meet the high bar required to justify a control slate, stating explicitly:
"… the bar for a control slate is high, and the dissident has not cleared it outright."
ISS also highlighted significant deficiencies in Simpson's proposed business strategy, noting:
"The dissident's plan is light on details regarding capital allocation and which businesses would be potential divestitures, where specific cost savings would be identified and what a potential timeline for realization would be."
"…the lack of detail provided makes it difficult for shareholders to objectively assess the dissident's execution of its plan, if it is successful in this campaign, and as such does not warrant full control of the board."
Further, ISS has recommended withholding support from Simpson's nominee Mark Davis, who is also their proposed interim CEO, illustrating concerns over Simpson's lack of depth and clarity in leadership transition planning.
In contrast, ISS endorsed Parkland's recent strategic initiatives, including the ongoing strategic review and the comprehensive CEO search, emphasizing that Parkland's Board is appropriately structured to oversee these processes and deliver value to all shareholders.
The choice for shareholders is clear: a vote for Parkland's nominees is a vote for an experienced, diverse, and independent Board stewarding a credible and thorough strategic review and acting in the best interest of all shareholders.
Reminder: Continue Voting ONLY the BLUE Proxy 'FOR' the Parkland Nominees
Regardless of the recommendations issued by the proxy advisors, Parkland urges all shareholders to continue ONLY voting 'FOR' Parkland's nominees on the BLUE Proxy ensuring the Company continues to be led by directors committed to rigorous governance and maximizing value for all shareholders. The deadline for voting is May 2, 2025, at 9:00 a.m. (Mountain Time).
Shareholders needing voting assistance may contact Kingsdale Advisors at 1-888-518-6832 (toll-free in North America), 1-647-251-9740 (text and call enabled outside North America), or email contactus@kingsdaleadvisors.com. Please visit www.ourparkland.ca for additional information about the Parkland Nominees and reasons to only vote the BLUE Proxy.
About Parkland Corporation
Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.
Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the words "aim", "continue", "expect", "will", "would" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland's Annual General Meeting of Shareholders and the expected timing thereof.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland's Annual General Meeting of Shareholders and the results thereof, Parkland's ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form, and under the headings "Forward-Looking Information" and "Risk Factors" in Parkland's Management's Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland's website at www.parkland.ca. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
