Newspaper article The Canadian Press

Crescent Point Adjusts Executive Pay, Cuts Spending as Proxy Battle Nears End

Newspaper article The Canadian Press

Crescent Point Adjusts Executive Pay, Cuts Spending as Proxy Battle Nears End

Article excerpt

Crescent Point takes loss as proxy vote looms

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CALGARY - Crescent Point Energy is adjusting its executive pay criteria, cutting $25 million from 2018 capital spending and announcing an asset sale to pay down debt as it faces a showdown with a dissident shareholder at its annual meeting on Friday.

It reported a surprise net loss of $91 million or 17 cents per share for the three months ended March 31, compared with a net profit of $119 million in the year-earlier period. Analysts had expected a profit of seven cents according to Thomson Reuters.

The company has been roundly criticized by Cation Capital Inc., which attributes its poor share performance to unwise spending decisions and overly-generous executive compensation.

The dissident shareholder has nominated four directors to be elected to Crescent Point's 10-director board on Friday, a move opposed by the Calgary-based company.

On a conference call to discuss first-quarter results on Thursday, Crescent Point executives said they would not comment on which side is leading so far in shareholder voting. …

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