TORONTO, June 6, 2023 /CNW/ - Aecon Group Inc. (TSX: ARE)
("Aecon" or the "Corporation") announced today that the nominees
listed in the Management Information Circular dated May 2, 2023 were elected as directors of Aecon,
to hold office until the close of the next Annual Meeting of the
Corporation or until their successors are appointed.
On behalf of Aecon's Board of Directors, John M. Beck, Chairman, was pleased to announce
the appointment of Stuart Lee to
Aecon's Board, effective immediately. Mr. Lee served as the
President and Chief Executive Officer of EPCOR Utilities Inc.
(EPCOR) from 2015 to 2023. Prior to joining EPCOR, Mr. Lee held the
positions of Chief Financial Officer, Senior Vice President of
Finance and Senior Vice President of Corporate Development &
Commercial Services at Capital Power Corporation. Mr. Lee
previously served on the Board of Directors of Edmonton's Citadel Theatre, as a member of the
Audit Committee at the University of
Alberta, and recently completed a term on the Board of
Directors of STARS Air Ambulance. Mr. Lee holds a Bachelor of
Commerce degree from the University of
Alberta and is a Chartered Accountant.
"Mr. Lee brings more than two decades of experience as a
financial and commercial executive in the utilities and energy
sectors and we are very pleased to further strengthen our Board of
Directors through his leadership and wealth of knowledge," said Mr.
Beck.
Shareholders also adopted all other resolutions submitted for
their approval, including the advisory vote on the Corporation's
approach to executive compensation, as disclosed in the Management
Information Circular dated May 2,
2023, and the appointment of PricewaterhouseCoopers LLP as
the auditors of the Corporation to hold office until the close of
the next Annual Meeting of the Corporation and that the Board of
Directors be authorized to fix the auditors' remuneration.
The complete voting results for each item of business are as
follows:
Election of Directors
Name of
Nominee
|
Votes in
Favour
|
% Votes in
Favour
|
Votes
Against
|
% Votes
Against
|
John M. Beck
|
21,469,680
|
98.32 %
|
367,618
|
1.68 %
|
Anthony P.
Franceschini
|
21,469,823
|
98.32 %
|
367,475
|
1.68 %
|
J.D. Hole
|
21,512,125
|
98.51 %
|
325,173
|
1.49 %
|
Susan Wolburgh
Jenah
|
21,506,847
|
98.49 %
|
330,451
|
1.51 %
|
Stuart Lee
|
21,630,796
|
99.05 %
|
206,502
|
0.95 %
|
Eric
Rosenfeld
|
21,524,490
|
98.57 %
|
312,808
|
1.43 %
|
Jean-Louis
Servranckx
|
21,614,951
|
98.98 %
|
222,347
|
1.02 %
|
Monica Sloan
|
21,528,391
|
98.59 %
|
308,907
|
1.41 %
|
Deborah S.
Stein
|
21,478,376
|
98.36 %
|
358,922
|
1.64 %
|
Scott Thon
|
21,633,170
|
99.07 %
|
204,128
|
0.93 %
|
Appointment and Remuneration of Auditors
Votes in
Favour
|
% Votes in
Favour
|
Votes
Withheld
|
% Votes
Withheld
|
21,740,163
|
99.38 %
|
135,529
|
0.62 %
|
Corporation's Approach to Executive Compensation
Votes in
Favour
|
% Votes in
Favour
|
Votes
Against
|
% Votes
Against
|
12,076,138
|
55.30 %
|
9,761,060
|
44.70 %
|
The Board is disappointed by the level of support for the
Corporation's Approach to Executive Compensation ("Say on Pay").
While the Board believes that its executive compensation program is
designed to deliver pay for performance and to align the interests
of our executives with our shareholders, it takes the views of our
shareholders seriously and will seek to clarify shareholder
perspectives when considering future compensation matters.
Dividend
Aecon's Board of Directors approved its next quarterly dividend
of 18.5 cents per share. The dividend
will be paid on July 5, 2023 to
shareholders of record as of June 23,
2023.
About Aecon
Aecon Group Inc. (TSX: ARE) is a national Canadian construction
and infrastructure development company with global experience and
is proud to be recognized as one of the Best 50 Corporate Citizens
in Canada. Aecon delivers
integrated solutions to private and public-sector clients through
its Construction segment in the Civil, Urban Transportation,
Nuclear, Utility and Industrial sectors, and provides project
development, financing, investment and management services through
its Concessions segment. Join our online community on Twitter,
LinkedIn, Facebook and Instagram @AeconGroupInc.
Statement on Forward-Looking Information
The information in this press release includes certain
forward-looking statements which may constitute
forward-looking information under applicable securities laws. These
forward-looking statements are based on currently available
competitive, financial and economic data and operating plans but
are subject to risks and uncertainties. Forward-looking statements
may include, without limitation, statements regarding the
operations, business, financial condition, expected financial
results, performance, prospects, ongoing objectives, strategies and
outlook for Aecon. Forward-looking statements may in some cases be
identified by words such as "may," "will," "expects," "target,"
"future," "plans," "believes," "anticipates," "estimates,"
"projects," "intends," "should" or the negative of these terms, or
similar expressions. In addition to events beyond Aecon's control,
there are factors which could cause actual or future results,
performance or achievements to differ materially from those
expressed or inferred herein including, but not limited to: the
risk of not being able to meet contractual schedules and other
performance requirements; the risk of not being able to meet its
labour needs; and various other risk factors as further described
in Aecon's filings with the securities regulatory authorities which
are available under Aecon's profile on SEDAR (www.sedar.com)
including the risk factors described in Section 13 - "Risk Factors"
in Aecon's December 31, 2022
Management's Discussion and Analysis filed on SEDAR (www.sedar.com)
on February 28, 2023.
These forward-looking statements are based on a variety of
factors and assumptions including, but not limited to that: none of
the risks identified above materialize, there are no unforeseen
changes to economic and market conditions, and no significant
events occur outside the ordinary course of business. These
assumptions are based on information currently available to Aecon,
including information obtained from third-party sources. While the
Company believes that such third-party sources are reliable sources
of information, the Company has not independently verified the
information. The Company has not ascertained the validity or
accuracy of the underlying economic assumptions contained in such
information from third-party sources and hereby disclaims any
responsibility or liability whatsoever in respect of any
information obtained from third-party sources.
Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and Aecon undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Aecon Group Inc.