Elliott Investment Management, an activist investor with four decades of experience in ‘encouraging’ board-level change at blue chip companies, has set its sights on Suncor, one of Canada’s largest energy companies, according to a report by The Globe and Mail.
Elliott Investment Management, an activist investor with four decades of experience in ‘encouraging’ board-level change at blue chip companies, has set its sights on Suncor, one of Canada’s largest energy companies, according to a report by The Globe and Mail.
Elliott has launched a campaign to place five new directors on the company’s board having built a 3.4 per cent stake in the business. And Elliott is using Suncor’s safety record as a reason to agitate for change.
“Due to operational and safety issues, Suncor’s former premium valuation has given way to a deep discount,” said Elliott in a 45-slide presentation. “Suncor must properly account for safety in management compensation metrics.”
