CALGARY, Nov. 8, 2013 /CNW/ - Pason Systems Inc. (TSX: PSI) (the
"Corporation") announces that its board of directors has adopted
certain by-law amendments, including an advance notice requirement and
a number of other housekeeping and modernization amendments. The
Corporation also announces amendments to its Code of Conduct and Ethics
driven by recent legislative amendments and the Corporation's new
The advance notice provision fixes a deadline by which shareholders must
submit a notice of director nominations to the Corporation prior to any
annual or special meeting of shareholders where directors are to be
elected. The provision also sets forth the information that a
shareholder must include in the notice for it to be valid. The
provision facilitates an orderly and efficient meeting process and
ensures that all shareholders receive adequate notice and information
about all director nominees so they can cast an informed vote.
The modernization and housekeeping amendments to the Corporation's
by-law include, among others, changes in the quorum requirements for a
shareholder meeting from at least two persons present and holding or
representing by proxy not less than 5% of the outstanding shares of the
Corporation, to not less than 25%. It also amends the notice, delivery
and meeting provisions of the by-law of the Corporation to allow for
notice and permit the delivery of material to shareholders and meetings
electronically or in any other manner permitted by law.
The by-law amendments are effective immediately. At the next meeting of
shareholders, shareholders will be asked to confirm the amended and
Code of Conduct and Ethics Amendments
Having recently adopted an Anti-Corruption Policy, the Corporation has
amended its Code of Conduct and Ethics to elevate it to the high
standards set out in the anti-corruption program. Notably, the Code of
Conduct and Ethics now prohibits commercial bribery in addition to
bribery of government officials.
A copy of the amended and restated by-law, along with a copy of the
amended Code of Conduct and Ethics have been filed and are available
under the Corporation's profile at www.sedar.com.
Pason Systems Inc.
Pason Systems Inc. is a leading global provider of specialized data
management systems for drilling rigs. Our solutions, which include data
acquisition, wellsite reporting, remote communications, and web-based
information management, enable collaboration between the rig and the
office. Pason's common shares trade on the Toronto Stock Exchange under
the symbol PSI.
SOURCE: Pason Systems Inc.
For further information:
For more information about Pason Systems Inc., visit the company's website at www.pason.com or contact:
President and CEO
Chief Financial Officer