Activist investor Elliott Investment Management seeking changes at Suncor Energy

·1 min read

CALGARY — Elliott Investment Management is seeking changes to the board of directors at Suncor Energy Inc. and is calling for a review of the company's executive leadership.

The activist investor says it holds a 3.4 per cent economic interest in Suncor including shares and cash-settled derivatives contracts.

In a letter to Suncor's board, Elliott says shareholders have seen their investment lag behind nearly all large-cap North American oil and gas companies.

The U.S. investment manager wants to add five new independent directors to the Suncor board.

As part of its plan, Elliott wants to overhaul Suncor's operational and safety culture.

It also wants the company to explore opportunities to unlock the value of assets outside of its core oilsands business, including its retail operations.

This report by The Canadian Press was first published April 28, 2022.

Companies in this story: (TSX:SU)

The Canadian Press

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