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

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).