Aecon announces voting results of Annual General Meeting and the appointment of Stuart Lee to Board of Directors

TORONTO, June 6, 2023 /CNW/ - Aecon Group Inc. (TSX: ARE) ("Aecon" or the "Corporation") announced today that the nominees listed in the Management Information Circular dated May 2, 2023 were elected as directors of Aecon, to hold office until the close of the next Annual Meeting of the Corporation or until their successors are appointed.

On behalf of Aecon's Board of Directors, John M. Beck, Chairman, was pleased to announce the appointment of Stuart Lee to Aecon's Board, effective immediately. Mr. Lee served as the President and Chief Executive Officer of EPCOR Utilities Inc. (EPCOR) from 2015 to 2023. Prior to joining EPCOR, Mr. Lee held the positions of Chief Financial Officer, Senior Vice President of Finance and Senior Vice President of Corporate Development & Commercial Services at Capital Power Corporation. Mr. Lee previously served on the Board of Directors of Edmonton's Citadel Theatre, as a member of the Audit Committee at the University of Alberta, and recently completed a term on the Board of Directors of STARS Air Ambulance. Mr. Lee holds a Bachelor of Commerce degree from the University of Alberta and is a Chartered Accountant.

"Mr. Lee brings more than two decades of experience as a financial and commercial executive in the utilities and energy sectors and we are very pleased to further strengthen our Board of Directors through his leadership and wealth of knowledge," said Mr. Beck. 

Shareholders also adopted all other resolutions submitted for their approval, including the advisory vote on the Corporation's approach to executive compensation, as disclosed in the Management Information Circular dated May 2, 2023, and the appointment of PricewaterhouseCoopers LLP as the auditors of the Corporation to hold office until the close of the next Annual Meeting of the Corporation and that the Board of Directors be authorized to fix the auditors' remuneration.

The complete voting results for each item of business are as follows:

Election of Directors

Name of Nominee	Votes in Favour	% Votes in Favour	Votes Against	% Votes Against
John M. Beck	21,469,680	98.32 %	367,618	1.68 %
Anthony P. Franceschini	21,469,823	98.32 %	367,475	1.68 %
J.D. Hole	21,512,125	98.51 %	325,173	1.49 %
Susan Wolburgh Jenah	21,506,847	98.49 %	330,451	1.51 %
Stuart Lee	21,630,796	99.05 %	206,502	0.95 %
Eric Rosenfeld	21,524,490	98.57 %	312,808	1.43 %
Jean-Louis Servranckx	21,614,951	98.98 %	222,347	1.02 %
Monica Sloan	21,528,391	98.59 %	308,907	1.41 %
Deborah S. Stein	21,478,376	98.36 %	358,922	1.64 %
Scott Thon	21,633,170	99.07 %	204,128	0.93 %

Appointment and Remuneration of Auditors

Votes in Favour	% Votes in Favour	Votes Withheld	% Votes Withheld
21,740,163	99.38 %	135,529	0.62 %

Corporation's Approach to Executive Compensation

Votes in Favour	% Votes in Favour	Votes Against	% Votes Against
12,076,138	55.30 %	9,761,060	44.70 %

The Board is disappointed by the level of support for the Corporation's Approach to Executive Compensation ("Say on Pay"). While the Board believes that its executive compensation program is designed to deliver pay for performance and to align the interests of our executives with our shareholders, it takes the views of our shareholders seriously and will seek to clarify shareholder perspectives when considering future compensation matters.

Dividend

Aecon's Board of Directors approved its next quarterly dividend of 18.5 cents per share. The dividend will be paid on July 5, 2023 to shareholders of record as of June 23, 2023.

About Aecon

Aecon Group Inc. (TSX: ARE) is a national Canadian construction and infrastructure development company with global experience and is proud to be recognized as one of the Best 50 Corporate Citizens in Canada. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroupInc.

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon. Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk of not being able to meet contractual schedules and other performance requirements; the risk of not being able to meet its labour needs; and various other risk factors as further described in Aecon's filings with the securities regulatory authorities which are available under Aecon's profile on SEDAR (www.sedar.com) including the risk factors described in Section 13 - "Risk Factors" in Aecon's December 31, 2022 Management's Discussion and Analysis filed on SEDAR (www.sedar.com) on February 28, 2023. 

These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Aecon Group Inc.

Adam Borgatti, SVP, Corporate Development and Investor Relations, 416-297-2600, [email protected]; Nicole Court, Vice President, Corporate Affairs, 416-297-2600, [email protected]