October 6th, 2024

Parkland Corp.’s largest shareholder will no longer have voice on company’s board

By The Canadian Press on January 4, 2024.

Parkland Corp.'s largest shareholder will no longer have a seat on the fuel retailer's board after the recent resignation of two board members. 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

CALGARY – Parkland Corp.’s largest shareholder will no longer have a seat on the fuel retailer’s board after the recent resignation of two board members.

The Calgary-based company announced on Dec. 31 the resignations of Simpson Oil nominees Michael Christiansen and Marc Halley from Parkland’s board of directors.

Parkland also says it is in discussions with Simpson about its shareholding in the company.

Simpson Oil is headquartered in the Cayman Islands and has been a Parkland shareholder since 2017.

Since 2022, when Parkland consolidated its ownership of Sol, a Caribbean fuel retailer formerly owned by Simpson Oil, Simpson has owned about 20 per cent of Parkland shares.

Going forward, Simpson Oil has waived its previously agreed-upon right to nominate two members to Parkland’s board.

This report by The Canadian Press was first published Jan. 4, 2024.

Companies in this story: (TSX:PKI)

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