TORONTO, April 3, 2009 /CNW/ - David Petroff, nominee for Chairman for
Douglas Willock's slate of directors, today announced that the new Polar Star
is committed to following best practices in Corporate Governance. The
guidelines set-out in National Policy 58-201 Corporate Governance Guidelines
clearly set out best practices in corporate governance.
"We understand that shareholder confidence is earned through a
disciplined and transparent Board of Directors," said Mr. Petroff. "To this
end, we are committed to implementing best practices in corporate governance
because the new Polar Star wants to foster a culture of accountability to our
shareholders and their interests."
If elected, the following corporate governance guidelines will be
implemented by the new Polar Star Board of Directors:
- Polar Star will have a majority of independent directors - five of
the seven nominee directors, are "independent" within the meaning of
National Instrument 58-101 - Disclosure of Corporate Governance
Practices ("NI 58-101");
- The chair of the board will be an independent director - Mr. Petroff,
nominee for Chairman, is among the independent nominees;
- Position descriptions - The new Board of Directors will eliminate the
position of Executive Chairman and operate with a Chairman of the
Board whose duties and responsibilities are clearly identified. This
delineation will also help to clarify the role and responsibilities
of the office of President and Chief Executive Officer of Polar Star;
- Compensation Committee - The new Board of Directors will appoint a
compensation committee composed entirely of independent directors.
Mr. Willock noted that "Polar Star currently has the position of
Executive Chairman. In addition, the Executive Chairman is also the chair of
the Compensation Committee and the Audit Committee. It is apparent that the
corporate governance policies of the proposed Polar Star Board of Directors
stand in direct contrast to the policies currently in place at the board level
of Polar Star Mining Corporation."
To best represent the interests of all shareholders, Mr. Willock has
proposed a well-rounded Board of Directors with exceptional business skills,
mining experience, broad governance perspective and international finance
experience that will adhere to best practices in corporate governance. On
February 2, 2009, Mr. Willock received letters from shareholders whose
holdings, together with his own, represented at that time 53.6% of the issued
and outstanding shares of Polar Star supporting his requisition of a meeting
to replace the Board of Directors.
To learn more about the vision for the new Polar Star and the plan to
proceed with the property portfolio visit www.maximizepolarstar.com.
Shareholders are urged to vote the BLUE proxy FOR the resolution to elect
Mr. Willock's nominees named in the Proxy Circular dated March 9, 2009, to the
Board of Directors of Polar Star Mining Corporation no later than 5 p.m.
(Toronto Time) on April 14th, 2009.
For further information:
For further information: Any questions or requests for assistance on how
to vote your BLUE proxy should be directed to Douglas Willock's Proxy
Solicitation Agent, Kingsdale Shareholder Services Inc.: Investor Contact:
Kingsdale Shareholder Services Inc., Marcus N. Campbell, T: (416) 867-2357;
Proxy Solicitation Firm: Kingsdale Shareholder Services Inc., North American
Toll Free Phone: 1-800-749-9052, Outside North America, Banks and Brokers Call
Collect: (416) 867-2272, Fax Number: (416) 867-2271, Toll-Free Fax: