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SNC-Lavalin Provides Update Following Annual Strategic Planning Meetings
By: PR Newswire
Dec. 13, 2012 08:11 AM
MONTREAL, Dec. 13, 2012 /CNW Telbec/ - Following the annual strategic planning and business review meetings of the SNC-Lavalin (TSX: SNC) Board of Directors over the past week, Chairman Gwyn Morgan provided the following update on a number of decisions that have been taken and other developments.
The Board was disturbed to learn that former President and CEO Pierre Duhaime has since been charged by authorities. While none of the charges have been proven, this development suggests that there may be additional facts regarding Mr. Duhaime of which the Board was not aware at the time of his departure. Accordingly, the Board of Directors has decided to suspend the payments provided for under Mr. Duhaime's previously announced departure arrangements. Until the facts surrounding Mr. Duhaime's situation are clarified or resolved, the payments under these arrangements will be held separately.
SNC-Lavalin is unequivocal that no unethical behaviour or illegal acts must ever be tolerated and re-affirms its view that anyone found to have committed any wrongdoing should be brought to justice and held accountable for their actions. To the extent anyone is found to have misused or misappropriated Company funds or to have abused their office while at SNC-Lavalin, we reserve our rights to assert claims against these individuals, including for the recovery of funds.
Continuing Board Renewal
The continuing renewal of the Board in 2013 follows on the additions made to the Board in 2012 with the appointments of independent directors Eric Siegel and Chakib Sbiti, each of whom is expected to be proposed by management to stand for election as directors at SNC-Lavalin's 2013 Annual General Meeting of shareholders.
Ethics and Compliance
SNC-Lavalin is one of the leading engineering and construction groups in
the world and a major player in the ownership of infrastructure, and in
the provision of operations and maintenance services. Founded in 1911,
SNC-Lavalin has offices across Canada and in over 40 other countries
around the world, and is currently working in some 100 countries.
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