Crescent Point Energy Corp.
TSX : CPG
NYSE : CPG

Crescent Point Energy Corp.

May 13, 2016 18:00 ET

Crescent Point Energy Announces Annual General Meeting Voting Results and Approval of All Directors

CALGARY, ALBERTA--(Marketwired - May 13, 2016) - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG)(NYSE:CPG) held its Annual and Special Meeting of Shareholders on May 13, 2016, in Calgary. A total of 237 million shares, representing 46.84% of common shares, were represented in person or by proxy at the meeting.

During the regular business proceedings at the meeting, shareholders approved the election of all nominated directors.

Full voting results for all resolutions are below. For comparison, the Company has also included the voting results in favour of resolutions that were passed at last year's Annual and Special Meeting of Shareholders, which had approximately 45% of common shares represented in person or by proxy.

1. Fixing Number of Directors

The appointment of nine board members for the ensuing year was approved by a show of hands. Proxies and in-person votes were received as follows:

Votes For Percent Against Percent 2015 Votes For
236,164,861 99.68% 757,735 0.32% 99.73%

2. Election of Directors

The nine director nominees proposed by management were elected by a show of hands. Proxies and in-person votes were received as follows:

Nominee Votes For Percent Withheld Percent 2015 Votes For
Rene Amirault 179,730,997 78.43% 49,421,598 21.57% 99.57%
Peter Bannister 225,777,384 98.53% 3,375,210 1.47% 99.69%
Laura A. Cillis 205,079,293 89.49% 24,073,302 10.51% 99.86%
D. Hugh Gillard 202,715,449 88.46% 26,437,146 11.54% 99.70%
Robert F. Heinemann 204,615,793 89.29% 24,536,802 10.71% 99.70%
Barbara Munroe 228,201,714 99.59% 950,881 0.41% N/A
Gerald A. Romanzin 226,119,817 98.68% 3,032,778 1.32% 99.63%
Scott Saxberg 222,367,007 97.04% 6,785,588 2.96% 99.76%
Gregory G. Turnbull, QC 156,089,301 68.12% 73,063,294 31.88% 76.53%

3. Appointment of Auditors

The appointment of PricewaterhouseCoopers LLP as Crescent Point's auditors was approved by a show of hands. Proxies and in-person votes were received as follows:

Votes For Percent Withheld Percent 2015 Votes For
235,288,263 99.31% 1,633,333 0.69% 99.76%

4. Amendment to Restricted Share Bonus Plan - Increase Common Share Reserve

The amendment to the restricted share bonus plan to increase the common share reserve was approved by ballot. Proxies and in-person votes were received as follows:

Votes For Percent Against Percent 2015 Votes For
187,486,458 81.82% 41,666,012 18.18% N/A

5. Amendment to Restricted Share Bonus Plan - Increase Grant Limits to Directors

The amendment to the restricted share bonus plan to increase the grant limits to directors was approved by ballot. Proxies and in-person votes were received as follows:

Votes For Percent Against Percent 2015 Votes For
188,044,491 82.06% 41,108,104 17.94% N/A

6. Advisory Vote on Executive Compensation

The resolution to accept the Company's approach to executive compensation, the full text of which is set forth in the Information Circular, was not approved. Proxies and in-person votes were received as follows:

Votes For Percent Against Percent 2015 Votes For
71,035,458 31.00% 158,117,133 69.00% 97.32%

The board of directors acknowledges the level of support received for Crescent Point's approach to executive compensation and will consider this vote as it continues to improve its compensation plan. The Compensation Committee will engage with shareholders and enlist leading compensation advisors in this process.

"I want to reassure our shareholders that while they approved the same compensation plan with 97 percent support at last year's Annual General Meeting, the board will move forward to continue to improve our plan," said Bob Heinemann, the chair of Crescent Point's compensation committee. "We've already begun this process. We are committed to implementing changes this year that improve our plan in ways that align with shareholder interests while continuing to meet our corporate objectives of attracting and retaining a high quality staff and fostering the entrepreneurial and innovative culture that is key to Crescent Point's success."

The biographies of Crescent Point's board members and more details about the Company's corporate governance practices are available on http://www.crescentpointenergy.com.

Crescent Point is a leading North American light and medium oil producer that seeks to maximize shareholder return through its total return strategy of long-term growth plus dividend income.

CRESCENT POINT ENERGY CORP.

Scott Saxberg, President and Chief Executive Officer

Crescent Point shares are traded on the Toronto Stock Exchange and New York Stock Exchange, both under the symbol CPG.

Crescent Point Energy Corp.
Suite 2000, 585 - 8th Avenue S.W.
Calgary, Alberta T2P 1G1

Contact Information

  • Crescent Point Energy Corp.
    Ken Lamont
    Chief Financial Officer
    (403) 693-0020 or Toll-free (US & Canada): 888-693-0020
    (403) 693-0070 (FAX)

    Crescent Point Energy Corp.
    Trent Stangl
    Senior Vice President, Investor Relations and Communications
    (403) 693-0020 or Toll-free (US & Canada): 888-693-0020
    (403) 693-0070 (FAX)
    www.crescentpointenergy.com