Suncor is one of the largest oil and gas companies in Canada.
But Steve Williams, Suncor's CEO, believes oil companies should leave the oil in the ground. He uses an environmentalist propaganda term for that: he says oil companies should “strand” their assets. They should waste them, abandon them, leave them in the ground.
Williams was quoted in the Financial Post saying, “We are advocating, in a modest way, to work with government so that we can strand some of the oil in the oil sands".
He’s defaming the industry; he’s denormalizing oil, and the oilsands. Why is he doing it — why is he literally registered as a lobbyist promoting a carbon tax?
Suncor is losing billions — it lost $565 million in the second quarter of 2016. Williams himself is personally banking a million dollars a month as CEO, but his shareholders are losing $6 million/day. Alberta’s unemployment rate is skyrocketing. The worst is yet to come with tax increases. Williams always claimed his bizarre appeasement of Greenpeace would get new oil pipelines approved. It hasn’t. He bet wrong. But he didn't bet his own money — he is literally betting the company.
So it’s one thing when the kooky CEOs are at Earls restaurants or Telus. But when the CEO of the most important oilsands company himself is anti-oilsands — then it’s not enough just to start a petition. We have to start an intervention.
I bought a share in Suncor. I’m an owner of the company now. Steve Williams works for me. I’m going to become a shareholder activist. Nothing destructive, nothing negative — the opposite. We want to save Suncor from the anti-oil crony capitalist who runs it.
We are going to build a very detailed case against his scheme to strand oil:
1. I’m going to start with a professional, smart, well-footnoted letter to all Suncor directors; and to every stock market analyst who covers Suncor; and to every journalist who covers Suncor; and to every regulator. Not a political letter; a letter that asks the question: is this bizarre campaign to strand assets really in the fiduciary interests of the company?
2. Sign my petition below to Steve Williams to live up to his fiduciary duty, and stop destroying shareholder value.
3. If you're a Suncor shareholder like me, sign up, so I can communicate directly with you in the future, as our plans unfold.
4. Donate. I don’t make $12 million a year like Williams does. But we need to hire a legal expert in shareholder activism to help us make maximum use of the law, to flex our muscles — to force important questions to a vote. Even to flush out Williams and his secret dealings with Notley and Greenpeace that are contrary to his fiduciary responsibilities. If you can help chip in to cover that cost, please do, by clicking here.
We’ll do it all — in the court of public opinion; through journalism; through street activism; in boardrooms and shareholders meetings. We’ll make our case: Suncor is a great company, but its CEO is talking crazy talk, and somebody has to call him out for it.
That’s you and me.
P.S. Spread the word — post www.StrandSteve.com as your Facebook status!
Suncor CEO Steve Williams must live up to his fiduciary duty as Suncor CEO and stop destroying shareholder value with his campaign to “strand” the oilsands.