Transat AT Inc. | Election of Pierre Karl Péladeau as a director at Transat AT Inc.

Status
27.07% votes in favour
AGM date
Proposal number
4
Resolution details
Company ticker
TRZ:CN
Submitted by
Financière Outremont
Resolution ask
Amend board structure
ESG theme
  • Governance
ESG sub-theme
  • Corporate purpose
Type of vote
Director vote
Filer type
Management
Company sector
Industrials
Company HQ country
Canada
Resolved clause
BE IT RESOLVED THAT: 1. Pierre Karl Péladeau be elected as a director of the Company to hold office until the close of the next annual meeting of shareholders of the Company or until his successor is elected or appointed.
Supporting statement
Financière Outremont Inc. (“Financière Outremont”), an investment company held by Mr. Pierre Karl Péladeau, is the second largest shareholder in Transat with an investment representing approximately a 9.49% economic and voting interest. Financière Outremont’s significant and long-standing investment in the Company is rooted in the firm belief that, under the right Board leadership, Transat has the potential and opportunity to restore its financial resilience, significantly improve shareholder return while maintaining its strong brand and leadership position amongst the leisure airline carriers for Quebec and Canadian consumers. Financière Outremont believes that an optimized Board can be built around six highly qualified and appropriately experienced members, including three (3) newly appointed highly qualified and appropriately experienced independent directors of whom Mr. Péladeau is one. He has a long and successful career in both public company leadership and also in public office. Mr. Péladeau is a government relations and regulatory expert who will be critical to a productive and proactive relationship with Transat’s largest creditor, regulator and possible largest shareholder. Given Transat’s government-related financing with the CEEFC, a respected counterpart like Mr. Péladeau is needed to build and maintain the relationship. His significant investment in Transat makes him the most motivated prospective Board member in Transat’s recent history. No other director would be more motivated to see Transat succeed and create value, not only for shareholders but also for Quebec and Canada by creating jobs and rescuing a highly recognized brand and transforming it into a competitive and respected, Quebec headquartered airline. This streamlined board will be much more constructive and efficient than the current Board, and this change is part of Financière Outremont’s broader proposal for governance enhancements at Transat. Financière Outremont expects to prepare its own information circular that will be sent to shareholders and filed under the Company’s profile on SEDAR+ in the coming days.

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