Western Forest Products Inc. Announces Amendments to By-Laws and Adoption of Advance Notice By-Law

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Western Forest Products Inc. Announces Amendments to By-Laws and Adoption of Advance Notice By-Law

by ahnationtalk on February 22, 20219 Views

Vancouver, British Columbia – Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today the adoption by its board of directors (the “Board”) of (i) amendments to its by-laws to allow for virtual meetings and (ii) an advance notice by-law.

By-law Amendments

On November 5, 2020, the Board approved amendments to our by-laws (the “By-law Amendments”) which allow for, among other things, notice of meetings to be given to shareholders by electronic means and meetings of shareholders to be held by telephonic, electronic or other communications facilities.

Advance Notice By-law

On November 5, 2020, the Board adopted an advance notice by- law (the “Advance Notice By-law”) . The Advance Notice By-law creates procedures for giving advance notice to the Board of shareholder nominations for directors at any meeting of shareholders where directors are being elected in order to facilitate an orderly and efficient meeting process and allow all shareholders a reasonable opportunity to evaluate all proposed nominees and make an informed voting decision.

Under the Advance Notice By-law, shareholders seeking to nominate a candidate for a Board seat will generally be required to provide notice at least 30 days prior to the date of an annual general meeting or within 15 days following the announcement of any special meeting where directors are being elected.

The By-law Amendments and Advance Notice By- law are effective as of their adoption by the Board and are subject to confirmation and ratification by shareholders at Western’s upcoming annual and special meeting of shareholders, which is scheduled for May 6, 2021. For Western’s upcoming annual and special shareholders’ meeting, any shareholder notice of nomination received on or prior to April 6, 2021 will be deemed timely.

The foregoing descriptions of the By-law Amendments and the Advance Notice By-law are only summaries. The full text is available under Western’s profile on SEDAR at www.sedar.com and on our website at www.westernforest.com, and each will be more completely described in Western’s management information circular for its 2021 annual general and special meeting.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.1 billion board feet from eight sawmills and four remanufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

For further information, please contact:

Stephen Williams,
Executive Vice President & Chief Financial Officer
(604) 648-4500

NT4

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