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Elliott’s Plan for Suncor Meets Skepticism From Some Investors

  • Company holds annual meeting Tuesday under activist pressure
  • Five of 11 board seats too many for 3.4% stake, holders say
A secondary extraction plant a Suncor Fort oil-sands facility near Fort McKay, Alberta.

A secondary extraction plant a Suncor Fort oil-sands facility near Fort McKay, Alberta.

Photographer: Ben Nelms/Bloomberg

As frustrated as Suncor Energy Inc. investors have been with the oil company’s performance in recent years, several holders say they’re skeptical of a proposal by Elliott Investment Management LP to overhaul the company’s board, management and operations.

Elliott, founded by billionaire Paul Singer, has a track record of shaking up large underperforming oil and gas companies. In 2019, it called for a breakup of Marathon Petroleum Corp. and the removal of its CEO, which won the backing of other institutional investors.