TSX-V TRADING SYMBOL: CEC
May 16, 2013
/PRNewswire/ - Compliance Energy Corporation ("Compliance" or the "Company") announces that the Board of Directors has approved the adoption of an advance notice policy (the "Policy"), for the purpose of providing shareholders, directors and management of Compliance with a clear framework for nominating directors. The Policy is meant to: (i) facilitate an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensure all shareholders receive adequate notice of the director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation.
The Policy contains a provision that requires advance notice to Compliance in circumstances where nominations of persons for election to the board of directors are made by shareholders of Compliance. The Policy fixes deadlines by which holders of record of common shares of Compliance must submit director nominations to Compliance prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to Compliance for an effective nomination to occur. No person will be eligible for election as a director of Compliance unless nominated in accordance with the provisions of the Policy.
The deadline for notice to Compliance in the case of an annual meeting of shareholders is not less than 55 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 65 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.