Welcome!

News Feed Item

Crescent Point Energy Shareholders Approve All Resolutions at Annual Meeting of Shareholders

CALGARY, ALBERTA -- (Marketwired) -- 05/12/14 -- Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) held its Annual and Special Meeting of Shareholders on May 9, 2014, in Calgary. A total of 201.52 million shares, representing approximately 50.60% of common shares, were represented in person or by proxy at the meeting.

During the regular business proceedings at the meeting, shareholders approved the resolutions below. For comparison, the Company has also included the voting results in favour of resolutions that were passed at last year's Annual and Special Meeting of Shareholders, which had approximately 49.14% of common shares represented in person or by proxy.

1. Fixing Number of Directors

The appointment of eight board members for the ensuing year was approved by a show of hands. Proxies and in-person votes were received as follows:


---------------------------------------------------------------------------
   Votes For       Percent        Against        Percent     2013 Votes For
---------------------------------------------------------------------------
  196,945,271       99.58%        830,170         0.42%          99.68%

"Last year, we amended our articles to give us the flexibility to add additional directors to our board, so we're pleased to fill two of those spots with Rene Amirault and Bob Heinemann," said Scott Saxberg, president and CEO of Crescent Point. "Our board members are a diverse group with a broad skill set, and we are continuing to look for an additional board member to further strengthen the team."

2. Election of Directors

The eight director nominees proposed by management were elected by a show of hands. Proxies and in-person votes were received as follows:


----------------------------------------------------------------------------
                                                                 2013 Votes
Nominee                  Votes For  Percent  Withheld  Percent      For
----------------------------------------------------------------------------
Rene Amirault           194,254,995  99.71%   559,349   0.29%       N/A
Peter Bannister         194,377,433  99.78%   436,911   0.22%      99.86%
Kenney F. Cugnet        193,409,519  99.28%  1,404,825  0.72%      96.96%
D. Hugh Gillard         184,971,482  94.95%  9,842,862  5.05%      97.16%
Robert F. Heinemann     194,404,564  99.79%   409,780   0.21%       N/A
Gerald A. Romanzin      185,396,313  95.17%  9,418,031  4.83%      91.95%
Scott Saxberg           194,427,117  99.80%   387,227   0.20%      96.91%
Gregory G. Turnbull, QC 136,567,068  70.09% 58,271,260  29.91%     73.96%

3. Amendment to the Restricted Share Bonus Plan

The amendment to the restricted share bonus plan was approved by a show of hands. Proxies and in-person votes were received as follows:


---------------------------------------------------------------------------
   Votes For       Percent        Against        Percent     2013 Votes For
---------------------------------------------------------------------------
  187,516,598       96.24%       7,321,730        3.76%           N/A

4. Approval of Share Amendment to Implement the Share Dividend Program

The resolution to amend the Company's articles of amalgamation to implement the Share Dividend Program ("SDP") was approved by a show of hands. Proxies and in-person votes were received as follows:


---------------------------------------------------------------------------
   Votes For       Percent        Against        Percent     2013 Votes For
---------------------------------------------------------------------------
  194,141,288       99.64%        697,521         0.36%           N/A

Crescent Point expects the SDP to be implemented next week and to be available to shareholders for the May 2014 dividend, in respect of May 2014 production. More details about the SDP will be posted on the Company's website before Crescent Point's next dividend announcement, which is expected to be on May 15, 2014.

5. Appointment of Auditors

The appointment of PricewaterhouseCoopers LLP as Crescent Point's auditors was approved by a show of hands. Proxies and in-person votes were received as follows:


---------------------------------------------------------------------------
   Votes For       Percent        Withheld       Percent     2013 Votes For
---------------------------------------------------------------------------
  197,697,964       98.96%       2,085,396        1.04%          99.83%

6. Advisory Vote on Executive Compensation

The resolution to accept the Company's approach to executive compensation, the full text of which is set forth in the Information Circular, was approved by ballot. Proxies and in-person votes were received as follows:


---------------------------------------------------------------------------
   Votes For       Percent        Against        Percent     2013 Votes For
---------------------------------------------------------------------------
  109,886,038       56.67%       84,019,997       43.33%         97.29%

The board of directors acknowledges the level of support received for Crescent Point's executive compensation and will consider this vote in structuring future compensation packages.

"Our executive compensation programs are adjusted on an ongoing basis to reflect the rapid growth and performance of the company. From inception, Crescent Point's executive compensation has been very aligned with shareholders. In 2013, 90 percent of executive compensation was equity-based, which is restricted and vests in periods of up to three years. To put our 2013 executive compensation in context, our total corporate G&A cost, including equity-based compensation, is one of the lowest among our peers at less than eight percent of our netback. We've calculated the average of our peer group, as listed in our information circular, to be approximately 13 percent," said Hugh Gillard, the chair of Crescent Point's compensation committee. "However, as indicated in the Company's information circular, an independent consultant was retained earlier in the year to provide advice on compensation structure. Once completed, we will provide a timely response to shareholders explaining the actions by the board."

The biographies of Crescent Point's board members and more details about the Company's corporate governance practices are available on www.crescentpointenergy.com.

Crescent Point is one of Canada's largest light and medium oil producers, with a market capitalization of more than CDN$18 billion and an annual dividend of CDN$2.76 per common share.

CRESCENT POINT ENERGY CORP.

Scott Saxberg, President and Chief Executive Officer

Crescent Point shares are traded on the Toronto Stock Exchange and the New York Stock Exchange, both under the symbol CPG.

Contacts:
Crescent Point Energy Corp.
Greg Tisdale
Chief Financial Officer
(403) 693-0020 or Toll-free (U.S. & Canada): 888-693-0020

Crescent Point Energy Corp.
Trent Stangl
Vice President Marketing and Investor Relations
(403) 693-0020 or Toll-free (U.S. & Canada): 888-693-0020

Crescent Point Energy Corp.
Suite 2800, 111-5th Avenue S.W.
Calgary, Alberta T2P 3Y6
(403) 693-0070 (FAX)
www.crescentpointenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...