3 new impartial administrators sign up for the Board, two of whom will serve at the CEO seek committee
New Board committee to behavior a strategic overview of downstream retail trade
Calgary, Alberta–(Newsfile Corp. – July 18, 2022) – Suncor (TSX: SU) (NYSE: SU) lately introduced that it has entered into an settlement with Elliott Funding Control L.P. (at the side of its associates “Elliott”), pursuant to which Suncor’s Board of Administrators will appoint 3 new impartial administrators, two of whom will serve at the CEO seek committee. The Board will even shape a brand new committee to supervise a strategic overview of Suncor’s downstream retail trade. Those movements construct on Suncor’s ongoing efforts to support protection, reliability and operational excellence and to revive Suncor’s business management.
As a part of its settlement with Elliott, Suncor has appointed the next 3 new impartial administrators to its Board, efficient straight away:
Ian Ashby, former president of BHP Billiton’s Iron Ore Buyer Sector Staff, who brings in depth world enjoy in floor mining, together with technical and operational experience;
Chris Seasons, former president of Devon Canada and spouse with ARC Monetary Company; and
Jackie Sheppard, former government vp, Company and Felony Affairs with Talisman Power Inc.
Suncor is happy to welcome all 3 administrators to the Board. With those adjustments, the Suncor Board will quickly enlarge to 13 administrators, all of whom are impartial and 5 of whom are feminine. Two present administrators will retire from the Board by way of year-end.
As well as, Suncor will adopt a strategic overview of its downstream retail trade with the function of unlocking shareholder worth. With reinforce of exterior advisors, this overview will overview and believe a variety of possible choices, from a possible sale of the trade to choices to support the price of our retail trade. A committee of impartial administrators, led by way of Board director Russ Girling and together with newly appointed administrators Chris Seasons and Jackie Sheppard will oversee the overview and make a advice to the entire Board. The Board expects to finish the strategic overview in This autumn and can supply an replace at the moment.
As prior to now introduced, the Board has shaped a CEO seek committee, led by way of Board director Eira Thomas and together with newly appointed administrators Chris Seasons and Jackie Sheppard to supervise the worldwide seek to choose the corporate’s subsequent leader government officer.
“Suncor is dedicated to the continuing renewal of its Board of Administrators to make sure we care for various and certified administrators who’re charged with overseeing the corporate’s technique and using shareholder worth,” mentioned Board Chair Michael Wilson. “Ian, Chris and Jackie convey precious experience to the Board, and we’re assured Suncor shareholders will get advantages a great deal from their operational and industrial enjoy. As well as, the Board’s overview of the retail trade builds on our long-standing dedication to brazenly believe possible choices to support shareholder worth and can assist be sure the corporate is definitely situated for even better good fortune and price introduction sooner or later.”
“The highest precedence for Suncor’s management group is forging forward with our plans to reinforce our protection and working efficiency,” mentioned Intervening time leader government officer Kris Smith. “I stay up for running with the Board, together with our new administrators, to advance our efforts to pressure long-term shareholder worth, and to speaking our development, handing over on our debt aid and different capital allocation goals and restoring self assurance in Suncor.”
“We admire the collaborative discussion we’ve got had with Suncor’s Board and completely reinforce the appointment of 3 new impartial administrators who will convey recent, related views into the boardroom, in addition to the Board’s dedication to discover strategic choices with appreciate to Suncor’s retail trade,” mentioned Elliott Spouse John Pike and Portfolio Supervisor Mike Tomkins. “As a vital investor we stay up for proceeding to paintings constructively with Suncor because it takes vital steps to succeed in best-in-class protection, reinforce operations and repair its business management.”
The settlement with Elliott comprises commonplace standstill, vote casting and different provisions. As well as, the settlement contains the proper for Elliott to appoint an extra director if positive efficiency standards relative to friends aren’t met by way of December 31, 2022, and if acceptable, contains the extension of the standstill for a length of one year following such an appointment. Elliott and the Corporate have additionally entered into a data sharing settlement, pursuant to which Elliott will be capable to obtain data and proportion its perspectives in regards to the CEO seek procedure. All the settlement might be filed on Shape 6-Ok with the U.S. Securities and Alternate Fee and with securities regulators in Canada at the Gadget for Digital Record Research and Retrieval.
New Director Biographies
Ian Ashby brings in depth world enjoy in floor mining together with technical and operational roles. Beginning his occupation as an underground miner on the Mount Isa Mines base metals operations in Queensland, Australia, Ian has virtually 40 years of enjoy within the mining business, together with 25 years in all kinds of roles with BHP Billiton. All through his tenure with BHP Billiton, Ian held a number of roles within the corporate’s iron ore, base metals and gold companies in Australia, america, and Chile, in addition to tasks roles within the company place of work, in the long run turning into president of BHP Billiton’s corporate’s iron ore trade. Since retiring from BHP Billiton in 2012, he has taken on plenty of advisory and board roles with different mining and similar organizations. Ian recently serves as an impartial director at the forums of Anglo American percent and IAMGOLD Company. He has served as a director at the forums of New Global Sources PLC, Genco Transport & Buying and selling, Nevsun Sources Ltd., and Alderon Iron Ore Corp. He has additionally served in an advisory capability with Apollo World Control and Temasek.
Chris Seasons, a spouse at ARC Monetary Company, brings over 30 years of working and fiscal enjoy within the Canadian upstream oil and fuel business. He’s the previous president of Devon Canada Corp., a big cap Canadian power corporate with various belongings. All through the 10 years he served as president of Devon, the corporate effectively transitioned its manufacturing combine from a fuel ruled asset base to a heavy oil corporate. Previous to that, Chris held a number of management roles with Royal Dutch Shell each regionally and the world over, and at Stampeder Exploration Ltd., an exploration and acquisition corporate. In his position at ARC Monetary Company, Chris supplies reinforce for ARC’s funding group within the spaces of technique and chance control, in addition to funding choice making. He’s chair of the Board of Administrators of Longshore Sources Ltd., and serves at the forums of Matrix Answers Inc., Petronas Power Canada Ltd., and Serafina Power Ltd.
Jackie Sheppard is the previous government vp, Company and Felony, of Talisman Power Inc., a Canada-based upstream world company. Her government obligations incorporated world felony affairs, trade construction, mergers and acquisitions, company tasks, company communications, investor members of the family, company accountability and executive affairs. She is recently chair of the board of Emera Inc and serves at the forums of ARC Sources Ltd., and Alberta Funding Control Company. Jackie prior to now chaired the board of the Analysis and Construction Company of the Province of Newfoundland and Labrador and has served on a number of forums akin to Pacific Northwest LNG, Seven Generations Power Ltd. and Cairn Power PLC. She was once additionally a founder and lead director of Black Swan Power Inc., an Alberta upstream power corporate that was once private-equity financed and not too long ago offered to Tourmaline Oil Corp. Along with her a large number of roles as an government within the power business, and as a director of public, inner most and crown companies, Jackie has in depth enjoy in strategic making plans, trade construction, public markets, felony and governance.
Felony Advisory – Ahead-Having a look Data
This information unencumber comprises positive forward-looking data and forward-looking statements (jointly referred to herein as “forward-looking statements”) inside the which means of acceptable Canadian and U.S. securities rules. Ahead-looking statements are in accordance with Suncor’s present expectancies, estimates, projections and assumptions that have been made by way of the corporate in gentle of its data to be had on the time the observation was once made and believe Suncor’s enjoy and its belief of ancient traits. Ahead-looking statements on this information unencumber come with references to: Suncor’s expectation that two present administrators will retire from the Board by way of yr finish; statements and expectancies relating to Suncor’s strategic overview of its downstream retail trade, together with its objectives, the anticipated timing of the overview and Suncor’s expectation that it is going to assist be sure the corporate is definitely situated for even better good fortune and price introduction sooner or later; Suncor’s dedication to the continuing renewal of its Board of Administrators and the anticipated advantages therefrom; Suncor’s trust that its shareholders will get advantages a great deal from the operational and industrial enjoy of the newly appointed administrators; and Suncor’s persisted efforts to pressure long-term shareholder worth, ship on our debt aid and different capital allocation goals and repair self assurance in Suncor. As well as, all different statements and details about Suncor’s technique for enlargement, anticipated and long run expenditures or funding selections, commodity costs, prices, schedules, manufacturing volumes, working and fiscal effects and the anticipated have an effect on of long run commitments are forward-looking statements. One of the crucial forward-looking statements and knowledge could also be known by way of phrases like “expects”, “anticipates”, “will”, “estimates”, “plans”, “scheduled”, “intends”, “believes”, “tasks”, “signifies”, “may just”, “focal point”, “imaginative and prescient”, “function”, “outlook”, “proposed”, “goal”, “goal”, “proceed”, “must”, “would possibly” and an identical expressions.
Ahead-looking statements and knowledge aren’t promises of long run efficiency and contain plenty of dangers and uncertainties, some which are very similar to different oil and fuel firms and a few which are distinctive to Suncor. Suncor’s exact effects would possibly fluctuate materially from the ones expressed or implied by way of its forward-looking statements, so readers are cautioned to not position undue reliance on them.
Suncor’s Control’s Dialogue and Research for the primary quarter of 2022 dated Would possibly 9, 2022, its Annual Data Shape and Annual Report back to Shareholders every dated February 23, 2022, its Shape 40-F dated February 24, 2022, and different paperwork it recordsdata now and again with securities regulatory government describe the dangers, uncertainties, subject matter assumptions and different components that would affect exact effects and such components are integrated herein by way of reference. Copies of those paperwork are to be had at no cost from Suncor at 150 sixth Street S.W., Calgary, Alberta T2P 3E3; by way of e mail request to make [email protected]; by way of calling 1-800-558-9071; or by way of regarding suncor.com/FinancialReports or to the corporate’s profile on SEDAR at sedar.com or EDGAR at sec.gov. Apart from as required by way of acceptable securities rules, Suncor disclaims any purpose or legal responsibility to publicly replace or revise any forward-looking statements, whether or not because of new data, long run occasions or in a different way.
Suncor Power is Canada’s main built-in power corporate. Suncor’s operations come with oil sands construction. manufacturing and upgrading, offshore oil and fuel manufacturing, petroleum refining in Canada and the U.S. and the corporate’s Petro-Canada retail and wholesale distribution networks, together with Canada’s Electrical Freeway, a coast-to-coast community of fast-charging EV stations. Suncor is creating petroleum sources whilst advancing the transition to a low-emissions long run thru funding in energy, renewable fuels and hydrogen. Suncor additionally conducts power buying and selling actions targeted basically at the advertising and buying and selling of crude oil, herbal fuel, byproducts, delicate merchandise and gear. Suncor has been identified for its efficiency and clear reporting at the Dow Jones Sustainability index, FTSE4Good and CDP. Suncor’s not unusual stocks (image: SU) are indexed at the Toronto and New York inventory exchanges.
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Elliott Funding Control L.P.
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