CALGARY - The CEO of Crescent Point Energy Corp. (CPG.TO 1.83%) says he will increase efforts to address concerns after shareholders rejected a dissident slate of four directors, but defeated a motion supporting the company's approach to executive compensation.
The company's annual general meeting in Calgary was closed to the media, but loud applause echoed down the hall as the director voting results were announced.
All 10 nominees put forward by the company were elected.
Shareholders, however, rejected a "say-on-pay" motion asking them to endorse the way Crescent Point pays its executives. Crescent Point lost a similar motion at its 2016 annual meeting.
CEO Scott Saxberg defended his company's record against charges by dissident investor Cation Capital Inc. which attributes Crescent Point's poor share performance to unwise spending decisions and overly generous executive pay.
He says he thinks the negative vote on compensation was prompted by the company's share price, which fell nearly 40 per cent in the 12 months before Cation launched its proxy challenge in early April.