TORONTO, Jan. 4 /CNW/ - VC & Co. Advisory Limited confirmed today that
policyholder proposals were submitted to Economical Mutual Insurance
Company of Waterloo, Ontario on December 30, 2010 that call for the
replacement of Economical's current board of directors.
"The policyholder proposals give Economical's mutual policyholders the
opportunity to elect a new board that will properly safeguard the
interests of Economical and its employees, brokers and other
stakeholders and ensure that mutual policyholders receive fair value
for their mutual policies on a timely basis," said Michael D.
Woollcombe, Executive Vice-President of VC & Co. Advisory Limited.
"We are committed to giving mutual policyholders a choice concerning the
board's leadership of Economical. We are also committed to transparency
and fair treatment concerning the value of Economical's mutual policies
and the process to realize that value. A new, qualified and independent
board will ensure Economical proceeds in a manner that best serves the
interests of the company, the mutual policyholders and other
The policyholder proposals, which have been signed by more than 100
mutual policyholders, will be the subject of a vote at the next meeting
of Economical's mutual policyholders, currently scheduled for May 26,
2011. Prior to that meeting, a detailed information circular will be
distributed outlining the reasons that change is required and the names
and relevant experience of the alternative board candidates.
For further information: