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Published on: 11/30/2004
Last Visited: 12/13/2007
Stelco announces resignation of Peter Dey from the BoardStelco Inc. - News
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Stelco announces resignation of Peter Dey from the Board~ 11/30/2004
HAMILTON, ON, Nov 30, 2004 (Canada NewsWire via COMTEX) -- Stelco Inc. (TSX:STE) today announced that Peter Dey has resigned from the Board of Directors in order to avoid any perception of conflict of interest between his role as a Director and the involvement of the law firm with which he is associated with a potential bidder in Stelco's capital raising process.
Mr. Dey noted that Osler, Hoskin & Harcourt LLP, in which he is a partner, has recently been engaged by the United States Steel Corporation, which has expressed interest in the capital raising process initiated by Stelco and approved by the Superior Court of Justice (Ontario) yesterday.
"This is the right thing to do for all concerned," Mr. Dey noted."It may have been possible to implement procedural safeguards that would have allowed me to continue on the Board while other members of my law firm acted for a potential bidder for the Company.But these arrangements could, nevertheless, have fostered the perception of a conflict of interest, even were I to excuse myself from various deliberations of the Board.That, in turn, would only limit my ability to contribute fully to the Board's activity, and divert attention and focus from the most important issue, achieving a successful restructuring and the best possible outcome for Stelco and its stakeholders.As result, I've determined that the best course is for me to step aside and to wish the Board and the Company well."
Richard Drouin, Chairman of Stelco's Board of Directors, said, "Peter has demonstrated the integrity and the commitment to the high standards of corporate governance for which he is well known.
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Mr. Dey joined Stelco's Board in 2002 and has been a member of its Corporate Governance and Pension committees.With Mr. Dey's resignation the Board will consist of seven members.