'Bad corporate governance': Encana shareholder blasts planned exit, again [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
'Bad corporate governance': Encana shareholder blasts planned exit, again One of Encana Corp.’s largest shareholders is reiterating its opposition to the oil and gas company’s planned exit from Canada. “We strongly oppose the proposal to change the situs of incorporation to the United States seeing no benefit in doing so while forcing Canadian holders to sell their shares at a loss,” Letko, Brosseau & Associates Inc. said in a release late Thursday. “We see this proposal as bad corporate governance.” The Montreal-based investment firm’s detailed argument against Encana’s plan to re-domicile and change its name to Ovintiv is rooted in a view that the move is “highly unlikely” to widen the company’s shareholder base, as Encana has cited as its motivation. “Upon leaving Canada, approximately 100 million shares currently held by Canadian index funds would need to be sold with a further 86 million shares to come out of global indexed funds for a total supply of close to 186 million shares,
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