Latest news with #GlassLewis
Business Wire
3 days ago
- Business
- Business Wire
Glass Lewis Recommends Shareholders Vote for ECAT Board Nominees and Against Saba's Proposal to Terminate BlackRock as Investment Adviser at Upcoming Annual Meeting
NEW YORK--(BUSINESS WIRE)--BlackRock Advisors LLC ('BlackRock') announced today that Glass Lewis, a leading independent proxy advisory firm, recommended that shareholders vote on the WHITE proxy card FOR all of the Board nominees of BlackRock ESG Allocation Term Trust (NYSE: ECAT) (the 'Fund') and AGAINST the proposal put forth by a dissident shareholder to terminate BlackRock as investment adviser ahead of the Fund's annual meeting on June 26, 2025. In issuing its report, Glass Lewis rejected all of the nominees and the termination proposal put forth by the dissident, and recommended that shareholders do NOT vote on the dissident's gold proxy card. Important statements by Glass Lewis in issuing its voting recommendation include 1: 'Put simply, if the fundamental aim is board-level responsiveness centered on enhanced value for shareholders, it seems difficult to argue incremental board turnover – much less near-complete reshaping in favor of nominees seeming to offer little in the way of relevant expertise and substantially no plan for the Trust – is well warranted here.' 'We continue to believe it is difficult to suggest the foregoing performance framework, cast against ECAT's relatively brief trading history (the fund was created in September 2021), is particularly consistent with the need to turn over the substantial entirety of the sitting board.' ECAT's Board of Trustees and BlackRock have continued to take shareholder-friendly actions to enhance long-term value, including increasing distribution rates significantly since inception and implementing discount management and share repurchase programs. As a result, ECAT was the top performing Fund in its peer group in 2023 2 and continues to deliver superior shareholder returns, outperforming its peers and benchmark 3. VOTE FOR ALL BOARD NOMINEES AND AGAINST TERMINATION ON THE WHITE PROXY CARD TODAY Only your latest dated proxy will count at the meeting. Please do NOT send back any proxy card other than the one you receive from BlackRock as this will cancel your prior vote for the Board nominees. If you have already sent back a gold proxy card, you can still change your vote by (1) using the website provided on the WHITE proxy card; (2) calling the toll-free number provided on the WHITE proxy card; or (3) promptly completing, signing, dating and returning the WHITE proxy card. Any of these actions will replace the proxy card you previously completed. If you have any questions about the nominees or proposal(s) to be voted on, please call Georgeson LLC, the firm assisting us in the solicitation of proxies, toll free at (866) 441-6128. The Fund's letters, proxy statement and proxy card for the annual meeting of shareholders to be held on June 26, 2025 are available at More information about ECAT may be found here: 1 Permission to use quotes was neither sought nor obtained. 2 Morningstar data as of March 31, 2024. 3 Morningstar data as of March 31, 2025. Reflects cumulative market price return. Peer group is comprised of funds in the Morningstar Closed-End Tactical Allocation category, excluding BlackRock funds.
Toronto Star
4 days ago
- Business
- Toronto Star
Proxy advisory firms ISS and Glass Lewis back Sunoco offer for Parkland
CALGARY - Two proxy advisory services are recommending shareholders vote in favour of Parkland Corp.'s planned takeover by U.S. company Sunoco LP. Institutional Shareholder Services Inc. and Glass, Lewis & Co. are both endorsing the friendly cash-and-stock deal announced last month, which is valued at US$9.1 billion including assumed debt. Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C. ARTICLE CONTINUES BELOW Parkland's biggest shareholder Simpson Oil, which holds an almost 20 per cent stake, has said it plans to vote in favour of the offer. However, New York-based Engine Capital, which owns 2.5 per cent of Parkland's shares, has said it won't support the deal as it stands. The shareholder vote is set for June 24. ISS noted in a report that the deal came together in the last moments of a proxy context with Simpson, which had been pushing for a leadership overhaul and performance improvements. 'Given this backstory, there are inherent concerns that the process was reactive, accelerated, and/or placed (Parkland) in a disadvantageous bargaining position, and thereby resulted in an offer that undervalues the company,' the ISS report said. 'However, when viewed in proper context, there are compelling reasons to believe that this deal is the best path forward for shareholders.' ISS said the deal is a way for shareholders to 'move on at a premium' from Parkland's long-standing issues while still being able to benefit from its upside potential. Glass Lewis concluded in its report that while some shareholders, including Engine, were skeptical about the timing of the takeover announcement, it sees evidence that the Parkland board was motivated by the merits of the transaction and not solely self-preservation. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The proxy firm said the deal offers a 'credible path' toward resolving Parkland's problems. 'While shareholder scrutiny of the process is both understandable and appropriate, the terms of the agreement suggest that the board succeeded in negotiating a transaction that largely aligns with shareholder interests,' Glass Lewis said. This report by The Canadian Press was first published June 16, 2025. Companies in this story: (TSX: PKI)
Cision Canada
4 days ago
- Business
- Cision Canada
ISS and Glass Lewis Endorse Parkland's Value-Enhancing Arrangement with Sunoco
CALGARY, AB, June 16, 2025 /CNW/ - Parkland Corporation ("Parkland", "we", "our", or the "Company") (TSX: PKI) is pleased to announce that leading independent proxy advisory firms Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis") are recommending shareholders vote FOR the proposed arrangement (the "Arrangement") with Sunoco LP ("Sunoco") at the upcoming Annual and Special Meeting of Shareholders (the "Meeting"). Both firms highlighted the strategic and financial merits of the Arrangement as the basis for their recommendations. ISS noted that "when viewed in proper context, there are compelling reasons to believe that this deal is the best path forward for shareholders." Among the reasons cited were the offer premium, flexible consideration (subject to pro-ration), the absence of competing proposals, support from Parkland's largest shareholder, and the opportunity for shareholders to participate in future upside potential of the combined entity. 1 Glass Lewis emphasized the compelling fit and enhanced diversification, scale and optionality of the combined platform. Further, the firm specifically cited the advantages of the C-corp holding structure and improved capital markets access for the combined company. 1 In addition to the endorsements from ISS and Glass Lewis, the Arrangement has been supported by fairness opinions provided to Parkland's Board of Directors by each of Goldman Sachs Canada Inc. and BofA Securities, Inc., and to the independent Special Committee of the Board of Directors by BMO Nesbitt Burns Inc. Parkland's Special Committee and Board of Directors have unanimously recommended shareholders vote FOR the Arrangement. Voting and Meeting Details To ensure your vote is counted, shareholders must submit their votes by Friday, June 20, 2025, at 9:00 a.m. (Calgary Time). Parkland encourages shareholders to vote today to avoid missing this deadline. In addition to voting on the proposed Arrangement with Sunoco, shareholders will be asked to consider several important matters at the Meeting, including the election of the Company's Board of Directors, the appointment of Parkland's auditor, an advisory, non-binding vote on Parkland's approach to executive compensation, and to receive Parkland's audited financial statements for 2024. These matters received overwhelming support from ISS and Glass Lewis. The Meeting will be held on June 24, 2025, at 9:00 a.m. (Calgary Time) at the Calgary TELUS Convention Centre in Calgary, Alberta. The Management Information Circular and related Meeting materials can be found on Parkland's SEDAR+ profile at as well as at Questions? Need Help Voting? If you have questions or need assistance voting, please contact Kingsdale Advisors at 1-888-518-6832 (toll-free in North America) or 1-647-251-9740 (text and call enabled outside North America), or by email at [email protected] __________________________ 1 Permission neither sought nor obtained About Parkland Corporation Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization. About Sunoco LP Sunoco (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. Sunoco's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements the Partnership's fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. Sunoco's general partner is owned by Energy Transfer LP (NYSE: ET). Forward-Looking Statements Certain statements contained herein constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the words "commit", "ensure", "enhance", "expect", "increase", "ongoing", "will", and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland's Annual and Special Meeting of Shareholders and the timing thereof; These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland's Annual and Special Meeting of Shareholders and the results thereof, Parkland's ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form, and under the headings "Forward-Looking Information" and "Risk Factors" in Parkland's Management's Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland's website at The forward-looking statements contained herein are expressly qualified by this cautionary statement. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Yahoo
4 days ago
- Business
- Yahoo
ISS and Glass Lewis Endorse Parkland's Value-Enhancing Arrangement with Sunoco
CALGARY, AB, June 16, 2025 /CNW/ - Parkland Corporation ("Parkland", "we", "our", or the "Company") (TSX: PKI) is pleased to announce that leading independent proxy advisory firms Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis") are recommending shareholders vote FOR the proposed arrangement (the "Arrangement") with Sunoco LP ("Sunoco") at the upcoming Annual and Special Meeting of Shareholders (the "Meeting"). Both firms highlighted the strategic and financial merits of the Arrangement as the basis for their recommendations. ISS noted that "when viewed in proper context, there are compelling reasons to believe that this deal is the best path forward for shareholders." Among the reasons cited were the offer premium, flexible consideration (subject to pro-ration), the absence of competing proposals, support from Parkland's largest shareholder, and the opportunity for shareholders to participate in future upside potential of the combined entity.1 Glass Lewis emphasized the compelling fit and enhanced diversification, scale and optionality of the combined platform. Further, the firm specifically cited the advantages of the C-corp holding structure and improved capital markets access for the combined company.1 In addition to the endorsements from ISS and Glass Lewis, the Arrangement has been supported by fairness opinions provided to Parkland's Board of Directors by each of Goldman Sachs Canada Inc. and BofA Securities, Inc., and to the independent Special Committee of the Board of Directors by BMO Nesbitt Burns Inc. Parkland's Special Committee and Board of Directors have unanimously recommended shareholders vote FOR the Arrangement. Voting and Meeting DetailsTo ensure your vote is counted, shareholders must submit their votes by Friday, June 20, 2025, at 9:00 a.m. (Calgary Time). Parkland encourages shareholders to vote today to avoid missing this deadline. In addition to voting on the proposed Arrangement with Sunoco, shareholders will be asked to consider several important matters at the Meeting, including the election of the Company's Board of Directors, the appointment of Parkland's auditor, an advisory, non-binding vote on Parkland's approach to executive compensation, and to receive Parkland's audited financial statements for 2024. These matters received overwhelming support from ISS and Glass Lewis. The Meeting will be held on June 24, 2025, at 9:00 a.m. (Calgary Time) at the Calgary TELUS Convention Centre in Calgary, Alberta. The Management Information Circular and related Meeting materials can be found on Parkland's SEDAR+ profile at as well as at Questions? Need Help Voting?If you have questions or need assistance voting, please contact Kingsdale Advisors at 1-888-518-6832 (toll-free in North America) or 1-647-251-9740 (text and call enabled outside North America), or by email at contactus@ __________________________ 1 Permission neither sought nor obtained About Parkland CorporationParkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization. About Sunoco LPSunoco (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. Sunoco's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements the Partnership's fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. Sunoco's general partner is owned by Energy Transfer LP (NYSE: ET). Forward-Looking StatementsCertain statements contained herein constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the words "commit", "ensure", "enhance", "expect", "increase", "ongoing", "will", and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland's Annual and Special Meeting of Shareholders and the timing thereof; These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland's Annual and Special Meeting of Shareholders and the results thereof, Parkland's ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form, and under the headings "Forward-Looking Information" and "Risk Factors" in Parkland's Management's Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland's website at The forward-looking statements contained herein are expressly qualified by this cautionary statement. The forward-looking statements contained herein are expressly qualified by this cautionary statement. View original content to download multimedia: SOURCE Parkland Corporation View original content to download multimedia:
Yahoo
4 days ago
- Business
- Yahoo
NGOs issue warnings after JBS shares start US trading
Shares in JBS, the Brazilian meat giant, closed up slightly on their first day in trading in New York on Friday (13 June) as NGOs warned of a "legal backlash" against the controversial listing. JBS made its debut on the New York Stock Exchange (NYSE) on Friday amid criticism of the group's environmental record and governance structure. The listing has drawn scrutiny from shareholder advisors, NGOs and legal experts, who have highlighted the company's ties to deforestation and the possible regulatory challenges facing the Seara brand owner. Shareholder advisory firms ISS and Glass Lewis recommended voting against the listing, pointing to "a governance structure that disempowers minority shareholders and raises long-term ESG risks", according to a statement issued on Friday. NGO Global Witness, meanwhile, claimed JBS faces nearly $7bn in legal liabilities. In 2024, the meat major generated an "adjusted EBITDA" of $7.2bn. JBS has contested the figure on its legal liabilities, telling Just Food it had stated in documents related to the share listing in New York that "possible" liabilities were $6bn. "It is important to note that proceedings classified as 'possible' under IFRS are not necessarily expected to materialize. These do not reflect expected or likely losses, but rather proceedings for which an unfavourable outcome cannot be ruled out," JBS said in a statement. Ashley Thomson, senior US adviser of Global Witness, called the meat giant's public debut in the US a 'dark milestone', adding the SEC's decision is 'one with material planetary consequences'. The company's environmental record has come under fire. Earlier this month, the New Climate Institute described JBS's "overall climate strategy integrity" as "very poor". In 2021, JBS stated an "ambition to strive for net zero greenhouse gas emissions in our operations and across our shared value chain by 2040". "JBS's commitment to reach net-zero emissions by 2040 is not accompanied by an emission reduction target," a report by the NGO read. "JBS plans to continue growth in a greenhouse gas emission-intensive industry; we did not find evidence that JBS is embarking on key transitions in the sector that would enable deep emission reductions." Alex Wijeratna, a senior Director at NGO Mighty Earth, said: 'It's fitting that JBS is listed on the New York Stock Exchange on Friday 13th but this is more than bad luck: it's a catastrophe for the planet. Giving JBS access to billions of dollars of new funding will serve to supercharge its climate-wrecking operations and war on nature. We and many others have shown that JBS continues to profit from allowing cattle grazed on illegally deforested land in the Amazon and other protected areas, to enter its beef supply chains in Brazil." Mighty Earth said it has informed the NYSE that JBS's listing may violate US anti-money laundering laws by enabling profits tied to illegal deforestation in Brazil's beef supply chains. In an SEC filing in April, JBS admitted: 'There can be no assurance that available monitoring procedures can ensure that the origin of any head of cattle was in full compliance with applicable laws, regulations or our responsible procurement policy.' As part of the new US listing, JBS has a new Netherlands-based holding structure. Greenpeace argues the structure exposes JBS to legal challenge in the Netherlands. "JBS' choice of the Netherlands as its new home may well see it join other big polluters whose growth plans are being challenged in the Dutch courts," Daniela Montalto, senior campaigner at Greenpeace UK, said. "Investors should be aware of the risk not only of being exposed to potentially costly and lengthy litigation but more critically a risk to the very viability of JBS' growth-based business model, which forms the basis of their investment decision." JBS's shares trading in New York closed on Friday at $13.87 after opening the day at $13.65. In a statement issued on Friday, JBS CEO Gilberto Tomazoni said: "This step strengthens our access to global capital markets and enhances our ability to deliver long-term value to shareholders, team members, and the communities we serve.' "NGOs issue warnings after JBS shares start US trading" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
