Under pressure — Suncor faces scrutiny from U.S. activist investor
Calgary Herald: 'The U.S.-based private investment firm, which manages funds that have a 3.4 per cent economic stake (including shares) in Suncor, issued a letter Thursday to the company’s board of directors, backed up by a 45-page presentation and a snazzy new website.
'“In recent years, the company has seen a decline in the exceptional performance that was formerly its hallmark,” states a letter to Suncor chair Michael Wilson from Elliott partner John Pike and portfolio manager Mike Tompkins...
'The letter cited missed production goals, higher costs and several safety incidents, saying these issues “find their roots in a slow-moving, overly bureaucratic corporate culture . . . with the right leadership, the company can restore its prior success.”
'The investment firm is calling for the appointment of five new independent board members; Elliott has identified experienced executives for the role, including four from Canada, although it didn’t name them.'