Institutional shareholder adviser calls for change at Crescent Point Energy

CALGARY _ An international proxy advisory firm is joining a call for change at Crescent Point Energy Corp. by endorsing two of four director nominees put forward by a dissident shareholder.

Institutional Shareholder Services Inc. says in a report that investors should vote for Dallas Howe and Herbert Pinder, nominated by Cation Capital Inc., instead of Crescent Point nominees Rene Amirault and Mike Jackson at the company’s annual meeting May 4.

ISS also says shareholders should withhold votes for Cation’s other nominees, Thomas Budd and Cation president Sandy Edmonstone.

The advisory firm says Cation has put forward a “reasonably compelling case” for board change to allow better capital allocation decisions, enhance profitability and ensure appropriate alignment of executive compensation.

ISS also endorsed Cation’s call for a “no” vote on executive pay, pointing out the company’s underperformance is not being reflected in CEO Scott Saxberg’s total compensation.

In a news release last week, Crescent Point said the Cation nominees are unqualified or offer experience that isn’t needed on the board and that Howe and Pinder are too close to the company’s director retirement age of 75.