(April 27 – 14:30 ET) – “We have spent only nine months as a public company, after 129 years as a mutual. We have made the transition well. We have made measurable progress on our growth strategies and have met investors’ expectations in terms of results, disclosure and communication,” said Robert Astley, Clarica president and CEO at the company’s annual and special meeting today in Toronto.
Astley recounted several Clarica developments since its IPO:
>inclusion in the TSE 100,
>a 25% increase in net income at year end,
>completion of a $150 million preferred share issue,
>close of its life retrocession acquisition
At the company’s annual and special meeting shareholders and policyholders voted in favour of management resolutions that included the establishment of stock incentive plans and the introduction of a shareholder rights plan. Management revised the shareholder rights plan to a three-year term beginning April 27, 2000, instead of a five-year term as set out in the proxy circular, as a result of dialogue with the investment community.
Shareholders also voted against two shareholder proposals, one that would have set a minimum exercise price of C$40 for stock options, and one requiring that the slate of nominees for directors should include at least two more candidates than the number of seats required to be filled.
Full text of remarks by Robert Astley can be found on Clarica’s website.
-IE Staff