ISS Joins Glass Lewis in Urging Parkland Shareholders to Vote For Meaningful Change
Highlights Troubling Pattern of Mismanagement, Volatile and Deteriorating Financial Performance, Failure to Execute, and Repeated Efforts to Disenfranchise Shareholders
Both Leading Proxy Advisors Recommend Shareholders Vote on the GOLD Proxy Card
Simpson Oil Cautions the Incumbent Board NOT to Deploy Further Questionable Tactics That Could Delay the Shareholder Meeting or the Integrity of the Vote
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
ISS has recommended that shareholders vote the GOLD proxy card to elect
Both ISS and Glass Lewis delivered scathing assessments of the current Board and its prolonged track record of underperformance and value destruction. In recommending the GOLD proxy card, ISS noted:
“…it is paradoxical that the board would concede a compelling case for change, as evidenced by the planned resignation of the company's CEO, commencement of a strategic review, and recommendation for three dissident nominees, while asserting that PKI (and not shareholders) should control how many, and which dissident nominees should be elected.”
On governance, ISS criticized the Board’s handling of CEO succession, noting:
“The board's actions with respect to CEO succession in the last year are troubling in view of the fact that little evidence exists robust CEO succession planning measures were implemented, including an evaluation of external CEO prospects, during a pivotal year for CEO performance.”
Both proxy advisors also flagged “grave” governance concerns, citing entrenched behaviors and persistent gamesmanship. ISS concluded:
“In short, the board has displayed a troubling pattern of decision-making aimed at thwarting the dissident. This has been reflected in the board's treatment of the dissident, in the board's persistent gamesmanship, and in the board's failure to proactively address leadership and other critical matters. These and other decisions have come at a steep cost to shareholders.”
ISS also underscored that responsibility for these governance failures extends to key members of the current Board:
“[Chair
In light of the above commentary, Simpson Oil reiterates the urgent need for wholesale change and the election of all NINE of its highly qualified nominees.
Finally, given the Board’s history of flawed governance practices, we caution the Company from deploying any tactics that could delay the Meeting and/or compromise the integrity of the shareholder vote.
Simpson Oil reiterates that only the election of ALL NINE of its highly qualified nominees will deliver the fresh leadership, governance, and accountability shareholders deserve.
VOTE TODAY: Please ensure your GOLD form of proxy or VIF is received by the proxy voting deadline of
If you would like to vote shares that you hold in your Employee Share Purchase Plan (ESPP), if you have not received your Voting Instruction Form (VIF) by mail, or if you need help voting the GOLD proxy, please contact
For more information on the Simpson Oil nominees, their plan to unlock shareholder value at Parkland, and how to vote for the entire Simpson Oil slate on the GOLD Proxy Card, visit www.RefuelParkland.com. Proxy materials are also available under Parkland’s SEDAR+ profile at www.sedarplus.ca, including a GOLD Proxy Card or voting instruction form.
Advisors
View source version on businesswire.com: https://www.businesswire.com/news/home/20250428370934/en/
Media Enquiries
SimpsonOil@longacresquare.com
Shareholder Enquiries
christine@carsonproxy.com
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