Business
Shell Canada Announces Changes to its Board Structure
Shell Canada Announces Changes to its Board Structure.
About this update from Mapath Capital Corp
[{"type":"text","content":"\n\n\n\nCALGARY, April 4 /CNW/ - On April 2, 2007, Royal Dutch Shell plc (RDS)\nannounced that its wholly-owned subsidiary, Shell Investments Limited (SIL),\nhad taken up an aggregate of 172,696,415 common shares of Shell Canada Limited\ntendered to its offer mailed to shareholders on February 8 and extended on\nMarch 16. SIL and its affiliates now beneficially own 816,005,273 common\nshares, or approximately 98.8% of the outstanding common shares, of Shell\nCanada and will seek the remaining common shares through its right of\ncompulsory acquisition.\n\n\nIn accordance with the terms of the Support Agreement with Shell Canada\ndated January 23, 2007, SIL has now exercised its right to designate the\nmembers of the Shell Canada board and its committees. The number of directors\nhas been reduced from twelve to eight, with the resignations of Louise\nFrechette, O.C., David Galloway, Ida Goodreau and Raymond Royer, O.C. The\nBoard of Directors will continue with five independent directors - Derek\nBurney, O.C. (Lead Director), Kerry Hawkins, David Kerr, Ronald Osborne and\nNancy Southern - and Clive Mather (President and CEO) and two directors who\nare officers of RDS or an affiliate thereof - Marvin Odum and Rob Routs\n(Chairman of the Meetings of the Board).\n\n\nThe number of board committees has also been reduced. The Nominating and\nGovernance Committee, the Management Resources and Compensation Committee, the\nPension Subcommittee, the Reserves Committee and the Health, Safety,\nEnvironment & Social Responsibility Committee have been disbanded and the\nduties and responsibilities of these committees have reverted to the Board of\nDirectors. The Audit Committee and the Special Committee (formed to consider\nand evaluate the RDS proposal and subsequent offer) will continue with their\ndelegated responsibilities.\n\n\n"I would like to thank Ida Goodreau, Louise Frechette, David Galloway and\nRaymond Royer for their valuable contribution to the Board," said Clive\nMather, President and CEO, of Shell Canada. "Ida and Raymond have served on\nthe Board for many years and have helped guide the company to growth and\nprofitability. Louise and David only joined the Board last year, but have\nalready brought a wealth of experience. Each has served the shareholders of\nShell Canada well and will be very much missed.&qu...