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
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...