CALGARY – A prominent shareholder advisory firm says a dissident investor has not cleared the bar to justify taking control of Parkland Corp.‘s board of directors, but there is a case for change.
Institutional Shareholder Services recommends shareholders vote for six director nominees put forward by activist investor Simpson Oil and seven of Parkland management’s candidates.
Parkland and Cayman Islands-based Simpson have been at odds over the Calgary-based fuel refiner and retailer’s performance and governance for about a year.
Simpson owns just under 20 per cent of Parkland’s shares and wants nine of its directors added to Parkland’s board at its May 6 shareholder meeting in Calgary.
The recommendation from ISS comes after another proxy advisory firm, Glass Lewis, also said an entire board overhaul was not warranted.
But Glass Lewis is calling for the split to be the other way around — seven board seats for the dissident and six for Parkland management.
This report by The Canadian Press was first published April 30, 2025.
Companies in this story: (TSX:PKI)
