Pason Modernizes its By-Law and Amends Code of Conduct and Ethics
CALGARY, Nov. 8, 2013 /CNW/ - Pason Systems Inc. (TSX: PSI) (the
"Corporation") announces that its board of directors has adopted certain
by-law amendments, including an advance notice requirement and a number of
other housekeeping and modernization amendments. The Corporation also
announces amendments to its Code of Conduct and Ethics driven by recent
legislative amendments and the Corporation's new anti-corruption program.
The advance notice provision fixes a deadline by which shareholders must
submit a notice of director nominations to the Corporation prior to any annual
or special meeting of shareholders where directors are to be elected. The
provision also sets forth the information that a shareholder must include in
the notice for it to be valid.The provision facilitates an orderly and
efficient meeting process and ensures that all shareholders receive adequate
notice and information about all director nominees so they can cast an
The modernization and housekeeping amendments to the Corporation's by-law
include, among others, changes in the quorum requirements for a shareholder
meeting from at least two persons present and holding or representing by proxy
not less than 5% of the outstanding shares of the Corporation, to not less
than 25%. It also amends the notice, delivery and meeting provisions of the
by-law of the Corporation to allow for notice and permit the delivery of
material to shareholders and meetings electronically or in any other manner
permitted by law.
The by-law amendments are effective immediately. At the next meeting of
shareholders, shareholders will be asked to confirm the amended and restated
Code of Conduct and Ethics Amendments
Having recently adopted an Anti-Corruption Policy, the Corporation has amended
its Code of Conduct and Ethics to elevate it to the high standards set out in
the anti-corruption program. Notably, the Code of Conduct and Ethics now
prohibits commercial bribery in addition to bribery of government officials.
A copy of the amended and restated by-law, along with a copy of the amended
Code of Conduct and Ethics have been filed and are available under the
Corporation's profile at www.sedar.com.
Pason Systems Inc.
Pason Systems Inc. is a leading global provider of specialized data management
systems for drilling rigs. Our solutions, which include data acquisition,
wellsite reporting, remote communications, and web-based information
management, enable collaboration between the rig and the office. Pason's
common shares trade on the Toronto Stock Exchange under the symbol PSI.
SOURCE Pason Systems Inc.
For more information about Pason Systems Inc., visit the company's website
atwww.pason.com or contact:
Marcel Kessler President and CEO 403-301-3400 firstname.lastname@example.org
David Elliott Chief Financial Officer 403-301-3441
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CO: Pason Systems Inc.
-0- Nov/08/2013 22:00 GMT
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