CALGARY,
Oct. 23, 2015 /CNW/ - Genesis Land
Development Corp. (the "Company" or "Genesis") (TSX:GDC) is pleased
to announce that governance changes have been instituted to reflect
the substantial increase in the share ownership of Smoothwater
Capital Corporation ("Smoothwater") in the company from 22.05% to
33.6% in late August 2015.
Smoothwater continues to be the largest shareholder of Genesis
based on public filings.
Lead Director
The board has created the role of Lead Director
effective immediately to replace and supplement the position of
Vice Chair. The role of the Lead Director is particularly important
in addressing matters on which Smoothwater may have a conflict of
interest. Mr. Steven J. Glover FCPA, FCA has been appointed the
Lead Director of the board, and was elected by those directors who
are not related to Smoothwater. Mr. Glover has been a director of
Genesis since November 2010 and is
also the chair of the Audit Committee.
Governance Committee
The functions of the Governance and Compensation
Committee have been split with the creation of a separate
Governance Committee chaired by the Lead Director. This
committee will have responsibility for all governance matters
typical of a publicly listed company including overseeing the
corporation's governance practices and policies, recommending the
individuals to be nominated as directors, overseeing board and
director evaluations and related public disclosures.
Compensation Committee
The board has formed a separate Compensation
Committee chaired by Mr. Stephen
Griggs, Chair of the Board and Chief Executive Officer of
Smoothwater. This committee will be responsible for all
compensation and human resource matters typical of a publicly
listed company including assessing the performance of senior
executives, recommending to the board the annual compensation of
the CEO and other senior executives, the compensation and human
resource practices of the corporation and all related public
disclosures.
"These governance changes are the best practices
for equity controlled companies in Canada" said Mr. Glover, Lead Director, "The
Governance Committee will continue to review the best practices of
similar companies in Canada to
continue to ensure that the interests of all stakeholders are
considered by the board".
Mr. Griggs, Chair of the Board commented, "I am
pleased to have been able to work cooperatively with other
directors to ensure that Genesis is following leading governance
practices reflecting the one third ownership of Genesis by
Smoothwater. These are important initiatives which Smoothwater
fully supports."
About Genesis
Genesis is an integrated, award-winning land
developer and residential homebuilder, creating innovative and
successful communities in the Calgary Metropolitan Area. Genesis is
committed to supporting its communities through partnerships like
the Genesis Centre of Community Wellness and Genesis Place
Recreational Centre. Genesis owns a large portfolio of entitled
residential and mixed use land, which is exceptionally well
positioned to benefit from the Alberta economy. The Corporation's common
shares are listed on the Toronto Stock Exchange (TSX: GDC)
SOURCE Genesis Land Development Corp.