A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. A U.S. activist investor says it will withhold support from all of Parkland Fuel Corp.'s incumbent directors at the company's upcoming annual meeting. THE CANADIAN PRESS/Darryl Dyck
CALGARY – A U.S. activist investor says it will withhold support from all of Parkland Fuel Corp.’s incumbent directors at the company’s upcoming annual meeting.
New York-based Engine Capital LP, which owns about a two per cent stake in Parkland, says the Calgary-based fuel supplier and marketer has been “unresponsive” to its calls for change at the company.
Engine sent a letter in March to the Parkland board criticizing the company for “underperformance” and urging the fuel retailer to consider selling or spinning off its Burnaby, B.C., refinery.
In its follow-up letter on Thursday, Engine said it has met with Parkland’s CFO, but has not been offered a meeting with the company’s board as requested.
Engine said it is also frustrated that Parkland has once again nominated 24-year tenured chair Jim Pantelidis to the board, despite adopting a 10-year term limit for directors.
Parkland’s annual general meeting is set to take place May 4.
This report by The Canadian Press was first published April 20, 2023.
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