Altus Group Limited Adopts Majority Voting Policy and Nominates Two New Board Members
TORONTO, ONTARIO–(Marketwire – May 9, 2012) – In conjunction with Altus Group Limited’s (TSX:AIF) upcoming Annual General meeting on June 1, 2012, the Board of Directors today announced the adoption of a majority voting policy and the nomination of an eight person Board, including two new independent candidates.
With the introduction of a majority voting policy, shareholders will have the opportunity to vote for each director individually, as opposed to voting based on a slate of directors. Although not yet a legal requirement for public issuers in Canada, Altus has chosen to proactively adopt this policy, which it believes is an important element of corporate governance best practices.
“Both these measures – nominating experienced and independent board candidates and adopting a majority voting policy – reflect the Board’s dedication to sound governance and its commitment to promote the best interests of our shareholders,” said Harvey Naglie, Lead Director of Altus. “We believe that the addition of these two excellent individuals to our Board will complement its existing skills and add expertise specific to the Altus business.”
Under the terms of the majority voting policy, if a director nominee receives more withheld votes than votes cast for him or her at the annual meeting, the director nominee will tender his or her resignation to the Lead Director, to be effective when accepted by the Board. Altus’ Corporate Governance and Nominating Committee will consider the offer to resign and make a recommendation to the Board whether to accept it. The Board will have 90 days from the annual meeting to make a final decision and announce it by way of a news release.
The two new independent director nominees announced today by Altus are Tony Gaffney and Diane MacDiarmid.
Tony Gaffney is the Managing Partner, Toronto of Accenture Inc. and previously led Accenture’s Canadian outsourcing business. He has a proven track record in general management with over 20 years of industry experience in hi-tech, telecommunications, government, healthcare manufacturing, energy and financial services. Previously, Mr. Gaffney held positions with BCE Inc. as President and Chief Executive Officer of Bell Nexxia, and President and Chief Executive Officer of BCE Emergis. He has held various international leadership positions with Anderson Consulting (Accenture), SHL Systemhouse Inc., and MCI Corp. Mr. Gaffney has recently served as Member of the United Way Cabinet, Toronto; Member of the Board of Governors of Bishop Strachan and Crescent Schools; and Member of the Toronto Board of Trade (Chair, Policy and Advocacy Committee).
Diane MacDiarmid is President of MacDiarmid & Company Inc., a management consulting firm. Previously, she served as Executive Vice-President, Corporate Resources with Bentall Kennedy LP, President of Oliver Wyman Delta Canada and a Principal at Mercer. She is an accomplished senior executive with a broad base of leadership experience, a skilled strategy developer and is adept at leading strategy execution. Ms. MacDiarmid is an effective human resources executive and builder of high-performing human resource groups. Ms. MacDiarmid currently sits on the Board of Morneau Shepell Inc. and is a Compensation and Governance Committee member. She is also the Chair of the Board for AMREF Canada.
Phoenix Advisory Partners (“Phoenix”) has been engaged as our proxy solicitation agent. Shareholders needing assistance or having any questions related to the proxy or information circular may contact Phoenix toll free at 1-800-232-1217 or via email at firstname.lastname@example.org.
About Altus Group Limited
Altus leads the global real estate industry in delivering data and information about an organization’s assets, generating a wealth of knowledge and insight. With a staff of over 1,700, Altus has a network of over 60 offices in 14 countries worldwide, including Canada, UK, Australia, Asia and the United States. We operate five interrelated Business Units, bringing years of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting, Geomatics and ARGUS Software. Altus’ clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations