Cenovus reports voting results of annual meeting of shareholders

Rhea-AI Summary

Cenovus Energy Inc. (CVE) held its annual meeting of shareholders on May 1, 2024, where various matters were voted on. PricewaterhouseCoopers LLP was reappointed as the auditor, and thirteen nominees proposed by management were elected as directors. The shareholders passed resolutions on executive compensation and the shareholder rights plan. Stephen E. Bradley was welcomed to the Board of Directors, and thanks were extended to Hal Kvisle and Wayne Shaw who did not stand for re-election.

Cenovus Energy Inc. is an integrated energy company focusing on oil and natural gas production in Canada and the Asia Pacific region, with refining and marketing operations in Canada and the United States. The company prioritizes safe, innovative, and cost-efficient asset management while integrating environmental, social, and governance considerations.

Positive

• Stephen E. Bradley was welcomed to the Board of Directors, adding valuable expertise to the company.

• The appointment of Auditor PricewaterhouseCoopers LLP ensures continued financial oversight and accountability.

• The passing of resolutions on executive compensation and the shareholder rights plan indicates shareholder support for the company's governance practices.

Negative

• Directors James D. Girgulis and Frank J. Sixt received significant votes against their election, indicating shareholder concerns.

• Keith M. Casey and Jonathan M. McKenzie had notable votes against their election as directors, possibly signaling investor reservations.

• While the non-binding advisory vote on executive compensation was passed, the 2.20% votes against suggest some shareholder dissent.

CALGARY, Alberta, May 01, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) held its annual meeting of shareholders on May 1, 2024. Each matter voted on is described in greater detail in the Corporation’s 2024 Management Information Circular dated March 6, 2024.

Shareholders voted as follows on the matters before the meeting:

Appointment of Auditor PricewaterhouseCoopers LLP, Chartered Professional Accountants, was reappointed as auditor of the Corporation.

Votes for		Votes withheld
Number	Percent	Number	Percent
1,488,986,088	99.65	5,218,342	0.35

Election of Directors Each of the following thirteen nominees proposed by management were elected directors of the Corporation:

Nominee	Votes for		Votes against
	Number	Percent	Number	Percent
Stephen E. Bradley	1,457,070,734	99.83	2,503,482	0.17
Keith M. Casey	1,453,207,929	99.56	6,366,286	0.44
Michael J. Crothers	1,455,760,732	99.74	3,813,485	0.26
James D. Girgulis	1,081,360,201	74.09	378,214,014	25.91
Jane E. Kinney	1,451,313,033	99.43	8,254,047	0.57
Eva L. Kwok	1,397,978,373	95.78	61,587,456	4.22
Melanie A. Little	1,456,542,516	99.79	3,022,565	0.21
Richard J. Marcogliese	1,445,438,842	99.03	14,135,274	0.97
Jonathan M. McKenzie	1,457,327,836	99.85	2,246,379	0.15
Claude Mongeau	1,377,177,335	94.35	82,394,644	5.65
Alexander J. Pourbaix	1,426,261,125	97.72	33,312,853	2.28
Frank J. Sixt	1,173,365,475	80.39	286,208,403	19.61
Rhonda I. Zygocki	1,395,277,673	95.60	64,287,348	4.40

Cenovus welcomes Stephen E. Bradley to the Board of Directors. Mr. Bradley is a Director of CK Asset Holdings Limited, a publicly traded global property investment, development, management and utility infrastructure company, and Power Asset Holdings Limited, a publicly traded global energy investment company.

Cenovus would like to extend its sincere thanks and best wishes to Hal Kvisle and Wayne Shaw, who decided not to stand for re-election. Mr. Kvisle had been a Director of Cenovus since 2018 and Mr. Shaw joined the Board following the Husky transaction in 2021.

Non-Binding Advisory Vote on the Corporation’s Approach to Executive Compensation An advisory resolution was passed to accept the Corporation’s approach to executive compensation.

Votes for		Votes against
Number	Percent	Number	Percent
1,427,463,152	97.80	32,183,535	2.20

Shareholder Rights Plan A resolution was passed to amend and reconfirm the Corporation’s shareholder rights plan.

Votes for		Votes against
Number	Percent	Number	Percent
1,409,329,267	96.55	50,316,622	3.45

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

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Cenovus contacts

Investors	Media
Investor Relations general line	Media Relations general line
403-766-7711	403-766-7751

FAQ

Who was reappointed as the auditor of Cenovus Energy Inc.?

PricewaterhouseCoopers LLP, Chartered Professional Accountants, was reappointed as the auditor of the

How many directors were elected at the annual meeting?

Thirteen nominees proposed by management were elected as directors of the

What resolution was passed regarding executive compensation?

An advisory resolution was passed to accept the ’s approach to executive compensation.

What resolution was passed regarding the shareholder rights plan?

A resolution was passed to amend and reconfirm the ’s shareholder rights plan.

Who is Stephen E. Bradley and what role does he have in Cenovus Energy Inc.?

Stephen E. Bradley was welcomed to the Board of Directors of Cenovus Energy Inc., bringing valuable expertise to the company.

What regions does Cenovus Energy Inc. operate in?

Cenovus Energy Inc. has oil and natural gas production operations in Canada and the Asia Pacific region, with refining and marketing operations in Canada and the United States.