CALGARY, Alberta–Oil major Royal Dutch Shell cut the size of Shell Canada Ltd.’s board as it takes control of the Canadian unit following the buyout of minority shareholders.
Royal Dutch Shell said Wednesday that Shell Canada’s board of directors will be reduced to eight from 12 as the parent exercises its right to name the directors.
The company said Louise Frechette, Ida Goodreau, David Galloway and Raymond Royer had resigned from the board, leaving five independent directors and three insiders, including Shell Canada Chief Executive Clive Mather.
Royal Dutch Shell said it has taken up the 172.7 million shares tendered to its $45 a share bid to acquire the 22 percent of the company it did not already own.
It now controls 98.8 percent of Shell Canada and will move to acquire the remaining stock through compulsory acquisition.
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