Nexen and SNC-Lavalin recognized by Canadian Business Magazine
Nexen Inc., together with SNC-Lavalin Group Inc., a leading Canadian engineering and construction company, placed first in Canadian Business Magazine’s 2007 corporate governance rankings in the August 13 issue.

The magazine examined 275 companies and their corporate governance disclosure in their annual management proxy circulars.

As a best practice recommendation from the Canadian Coalition for Good Governance, Nexen chose to provide additional disclosure surrounding executive compensation in the proxy and annual report in 2006. We included this information despite being exempt from the new U.S. rules as a foreign private issuer. This was, in part, what helped Nexen achieve a top spot in the magazine’s rankings.

“Both companies go well beyond the standard corporate governance disclosure in their annual management proxy circulars – particularly when it comes to CEO compensation. Both companies provide a complete breakdown… as well as enough details for shareholders to understand how and why the boards made those decisions,” the article reads.

According to the magazine, most companies provide little detail about executive compensation. Of the 275 companies Canadian Business reviewed for the annual ranking, about 20 per cent received a high score for easy-to-read details of the total value of executive compensation.

Other companies to make the Top 25 Boards included Telus Corporation, EnCana Corporation, Toronto-Dominion Bank, Talisman Energy Inc. and Canadian Oil Sands Trust.

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