In This Article:
Glass Lewis Concludes Stronger Independent Board Oversight is Needed, Citing Significant Underperformance, Financial and Strategic Execution Challenges, and a Consistent Pattern of Board Entrenchment
Recommends Shareholders Vote the GOLD Proxy Card for a Board Refresh to Ensure "Credible" CEO-Succession and Strategic Review Processes
Simpson Oil Reminds Shareholders to Visit www.RefuelParkland.com for Details on How to Vote for All Nine of Simpson Oil’s Director Candidates on the GOLD Proxy Card Ahead of May 6 AGM
GRAND CAYMAN, Cayman Islands, April 28, 2025--(BUSINESS WIRE)--Simpson Oil Limited ("Simpson Oil", "we" or "our"), the largest shareholder of Parkland Corporation ("Parkland" or the "Company"), holding 19.8% of the outstanding common shares, today announced that Glass, Lewis & Co. ("Glass Lewis"), a leading independent proxy advisory firm, has recommended that Parkland shareholders support meaningful boardroom change by voting for seven of its nine director nominees at the Company’s Annual General Meeting (the "Meeting" or the "AGM") to be held on May 6, 2025.
Glass Lewis recommends that shareholders vote the GOLD proxy card to elect Monty Baker, Michael Christiansen, Mark Davis, Chris Folan, Brian Gibson, Darcy Morris, and Karen Stuckey to the Board of Directors (the "Board").
Simpson Oil reiterates that wholesale change is required, and that only the election of ALL NINE of its highly qualified nominees will deliver the fresh leadership, governance, and accountability shareholders deserve. A clean break is needed from legacy directors like Michael Jennings—whose tenure as Board Chair has been marked by entrenchment, gamesmanship, and value destruction—and James Neate, whose skillsets are neither additive nor needed on a refreshed Board.
In its full report, Glass Lewis affirmed Simpson Oil’s case for change, highlighting the magnitude and persistence of the Company’s underperformance1:
"This persistent underperformance, coupled with repeated financial and strategic execution challenges over multiple years, signals that stronger independent board oversight is necessary to drive shareholder value creation and strategic discipline."
Beyond poor performance, Glass Lewis flagged serious governance concerns, pointing to a pattern of Board "entrenchment" and "gamesmanship":
"Taken individually, each of these decisions—from the accelerated 2024 AGM timing, to the decision to include Dissident Nominees on its slate without prior notice or engagement, to the lack of a universal proxy form—could be explained as defensible in isolation. Taken together, however, they reveal a consistent pattern, in our view: the board has repeatedly taken governance actions that appear more reactive than proactive, and more focused on retaining control than facilitating transparent, shareholder-focused outcomes."