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Glass Lewis Proposes Compromise in Parkland Proxy Battle

The advisory firm recommends a 7–6 board split between Simpson-backed nominees and management candidates ahead of the May 6 shareholder vote.

A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. THE CANADIAN PRESS/Darryl Dyck
Parkland Corp.'s refinery in Burnaby, B.C.

Overview

  • Glass Lewis has recommended shareholders elect seven of Simpson Oil's nominees and six of Parkland's management nominees to balance expertise and institutional knowledge.
  • The firm criticized Parkland's board for reactive decision-making and underperformance compared to industry peers, calling for stronger independent oversight.
  • Simpson Oil, which holds a nearly 20% stake in Parkland, is pushing for all nine of its nominees to ensure greater accountability and strategic change.
  • Parkland's CEO, Bob Espey, announced plans to step down by the end of the year, following mounting pressure from activist investors.
  • Shareholders will decide the company's governance and strategic direction at the annual meeting on May 6, where competing board slates will be voted on.