Globe says ISS supports Cation's call on Crescent Point
Globe says ISS supports Cation's call on Crescent Point
Crescent Point Energy Corp (C:CPG)
Shares Issued 546,471,635
Last Close 4/20/2018 $10.79
Monday April 23 2018 - In the News
The Globe and Mail reports in its Saturday edition that Institutional Shareholder Services (ISS) is urging Crescent Point Energy shareholders to back an activist investor's nominees to the company's board even though the dissident firm, Cation Capital, has a tiny percentage of the stock. The Globe's Jeffrey Jones writes that ISS concurs with Cation's assertions about poor investor returns. Cation seeks four board seats as a precursor to launching a sweeping review of costs, operations and executive compensation at Saskatchewan's largest oil producer. ISS also says chief executive officer Scott Saxberg's pay packet is out of step with corporate performance, a key criticism of Cation. In a split decision, ISS recommended shareholders vote for Cation nominees Herb Pinder, a director at ARC Resources; and Dallas Howe, the former chairman of Potash Corp. of Saskatchewan. It did not support installing Cation boss Sandy Edmonstone and ex-banker Tom Budd on the board. Even so, Mr. Jones says it is unusual that an activist with a small interest in the company -- Cation has 0.3 per cent -- would get support for two board seats in a proxy fight. Shareholders are slated to vote at the annual meeting on May 4.