CALGARY – A prominent shareholder advisory firm says it agrees with activist investor Simpson Oil that board change is needed at fuel retailer and refiner Parkland Corp., but is stopping short of calling for a complete overhaul.
Glass Lewis recommends in a report that shareholders vote for seven of the nine Simpson director nominees and for six of the 13 put forward by Parkland’s management.
The advisory firm says there’s been a pattern of defensive and reactive decision-making on Parkland’s part, including only agreeing to a strategic review after intense shareholder pressure, and that Parkland has underperformed its peers.
But Glass Lewis says a wholesale replacement of the board isn’t warranted or advisable and the company benefits from experienced and qualified management board nominees.
Cayman Islands-based Simpson, with a 20 per cent stake in Parkland, has raised concerns about the company’s governance and performance.
Parkland shareholders are to vote in the new board at its annual meeting on May 6.
This report by The Canadian Press was first published April 28, 2025.
Companies in this story: (TSX:PKI)
