Management I once wrote "COS has always been undervalued. If an investor reinvests dividends or is soon going to be subject to estate tax, that's OK. But when it comes time to sell, COS is held down by its not a being an attractive takeover candidate because the buyer does not get control. Maybe that's why IMO is a negligent manager because they would like to buy out the other owners at low prices. If COS had more control, its shares would do better.” Last year I voted all my shares NO on all issues.
But I continue to hold the stock because all the negatives are so transparent –reducing downside risk--and there is less room for fraud than is typical in the market.
Currently, all the management does is 1) feed the partnership money daily as determined by the partnership, 2) sell their share of a homogeneous product (syncrude), 3) deal with shareholders and 4) publicize the shares of COS. Selling the oil could be as simple as getting the highest price, they do little to keep the shareholders up-to-date, operational management is bad as manifest by ongoing negative surprises, and the nature of publicity is a like a broken record. I don't think that industry standards for compensation apply to this company.
I shall again vote negative at the AGM and think we should choose management who would take more control over the project for which we are the largest owner and make it more attractive to us and a potential buyer which could be COS bringing ownership up to a majority.