Parkland has been the subject of a campaign by U.S.-based Engine Capital LP, which owns about a 2 per cent stake
said Thursday its Burnaby, B.C. refinery is not for sale, even in the face of pressure from an activist investor.
As part of its campaign, Engine Capital had warned Parkland it would withhold support from the company’s incumbent directors at Parkland’s annual meeting Thursday. “Following this detailed review we concluded that Parkland should retain ownership of the refinery to maximize shareholder value at this time.”
“The Burnaby refinery is a highly strategic and integrated asset, and approximately 90 per cent of its output supplies Parkland customers,” Espey said. Engine Capital had also been critical of Parkland’s approach to executive compensation. The activist investor noted last month that CEO Bob Espey’s total direct compensation increased 23 per cent in 2022 to $5.3 million.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Parkland rejects activist investor's call to sell or spin off Burnaby, B.C. refinery - BNN BloombergParkland Fuel Corp. said Thursday its Burnaby, B.C. refinery is not for sale, even in the face of pressure from an activist investor.
Read more »
Burnaby mayor participating in 2023 Greater Vancouver Food Bank challengeHurley raised more than $86,000 and finished third in the 2022 event.
Read more »
Mountie who stopped man from lighting Burnaby gas station on fire earns policing awardBurnaby RCMP Const. Karanjit Dulay and RCMP Sgt. Brett Cunningham were recognized for 'meritorious service' at the 39th annual Police Honours Night in Victoria last month.
Read more »
Enjoy a feast with these Mexican deals in Burnaby this Cinco De MayoWho doesn’t love Mexican food?
Read more »
Unlock the answers to life's biggest questions with Burnaby author's debut bookFrom how to launch your Oscar campaign to faking your own death, Ryan Murphy’s book has it all.
Read more »
Burnaby housing prices see yet another increasePrices have increased for the third straight month.
Read more »