Gildan Activewr Stock Price, News & Analysis

Gildan Activewear (GIL: TSX, NYSE) has been named one of the Best 50 Corporate Citizens in Canada by Corporate Knights for the third consecutive year. Gildan is the only company in its sector to make the list. Additionally, Gildan has been included in TIME's inaugural World’s Most Sustainable Companies for 2024, one of only 12 Canadian companies featured.

Corporate Knights' list assesses Canadian corporations with revenues over CAD $1 billion on up to 25 performance indicators, including carbon emissions and social equity. TIME's list evaluates over 5,000 global companies on more than 20 data points, including ESG rankings, emissions, energy intensity, and gender diversity in leadership.

CEO Glenn Chamandy emphasized these awards as confirmation of Gildan's commitment to ESG and sustainability, which are core to their growth strategy.

Gildan Activewear (GIL) has released its 20th Environmental, Social, and Governance (ESG) report, marking two decades of ESG reporting.

The 2023 report showcases Gildan's progress towards its Next Generation ESG strategy and 2030 targets. Highlights include achievements like the publication of the first Corporate Citizenship Report in 2004, accreditation by the Fair Labor Association in 2007, and aligning with the Global Reporting Initiative framework in 2008.

The company has also disclosed ESG data according to the Sustainability Accounting Standards Board standards since 2021 and released its standalone Climate Change Disclosure Report in 2022.

CEO Glenn Chamandy emphasized the integral role of ESG in Gildan's operations and its commitment to sustainable practices as the company celebrates its 40th anniversary.

On World Environment Day, Gildan highlighted its two-decade-long commitment to sustainability through its ESG Steering Committee's efforts. The company's next-generation ESG strategy focuses on 12 goals across five areas: Climate, Energy, and Water; Circularity; Human Capital Management; Long-term Value Creation; and Transparency and Disclosure. Key leaders like Peter Iliopoulos, Claudia Sandoval, Juan Carlos Contreras, Carlos Duran, Israel Salinas, Kevin Freeman, and Esther Hackett shared their insights on driving sustainability initiatives. The strategy emphasizes reducing carbon emissions, conserving water, sustainable sourcing, enhancing community well-being, and transparent reporting. Gildan's ongoing projects reflect a dedicated approach to integrating ESG principles into its operations and long-term business strategy.

Gildan Activewear (GIL: TSX and NYSE) has received approval from the Toronto Stock Exchange to amend its Normal Course Issuer Bid (NCIB) to increase the maximum number of shares repurchasable from 8,778,638 to 17,124,249. This decision follows the Annual General Meeting of shareholders on May 28, 2024. The NCIB, originally commenced on August 9, 2023, will now allow Gildan to repurchase up to 10% of its public float as of July 31, 2023. The share buybacks are part of Gildan's broader strategy to return capital to shareholders, supported by strong free cash flow and a robust balance sheet. Purchases may be done through open market transactions on the TSX and NYSE, or via other approved methods. Since the NCIB's inception, Gildan has repurchased and canceled 8,611,018 shares, costing $272.5 million. The Board believes this repurchase program will not hinder Gildan’s ability to pursue organic growth and acquisitions.

Gildan Activewear (GIL) reported the results of its annual shareholder meeting held on May 28, 2024. All eight director nominees were elected by an overwhelming majority, following the resignation of the prior board on May 23, 2024. Additionally, shareholders approved the reappointment of auditors and a non-binding advisory vote on Executive Compensation, while rejecting a shareholder proposal. The vote results for directors ranged from 82.82% to 99.00% in favor. The advisory vote on executive compensation saw 73.77% approval, and the shareholder proposal was rejected by 86.48%.

Gildan Activewear (GIL: TSX and NYSE) has appointed co-founder Glenn J. Chamandy as President and CEO, effective immediately. Michael Kneeland will serve as the non-executive Chair of the Board. Chamandy expressed excitement about his return and confidence in the company's future, crediting the resilience of Gildan's employees and the quality of the new Board. Kneeland highlighted Gildan's strong history and operational results, emphasizing the new Board's focus on accountability and long-term success. The annual shareholder meeting will proceed on May 28, with eight director nominees, including Chamandy and Kneeland, up for election following the resignation of the prior directors.

Browning West announced the successful replacement of Gildan Activewear's entire Board of Directors with an eight-member slate. A significant 5.7% shareholder in Gildan, Browning West's new board includes Michael Kneeland and Glenn Chamandy, who will be reinstated as CEO. Browning West highlighted the overwhelming shareholder support for the new board and criticized the previous board's resistance, which included significant financial expenditures. The new leadership aims to restore stability and enhance long-term shareholder value.

Gildan Activewear (GIL) has undergone significant leadership changes with the resignation of its entire Board of Directors and the stepping down of Vince Tyra as President and CEO, effective May 23, 2024. Browning West nominees will replace the outgoing Board members. Additionally, the previously announced sale process has been canceled. This decision aligns with shareholders' feedback ahead of the May 28, 2024 Annual Meeting. The outgoing directors believe this transition is in the best interest of all stakeholders, ensuring a smooth and efficient changeover for the new Board to guide the company forward.

Institutional Shareholder Services Inc. (ISS), a leading proxy advisory firm, has recommended Gildan Activewear shareholders vote for all eight of Browning West's director candidates, including former CEO Glenn Chamandy, using the GOLD Proxy Card at the May 28, 2024 Annual Meeting. ISS suggested withholding support for Gildan's ten-member board. ISS cited Gildan's strong performance under Chamandy and criticized the board's decision to remove him as weak and inconsistent. Browning West, holding 5% of Gildan's shares, aims to reinstate Chamandy and believes their nominees offer superior experience and governance.