Richard Shaw, chairman of the board of Inter Pipeline, has retired, and will be replaced by Margaret McKenzie.
Shaw was chair from 2014, having first been appointed to the board in 2009. He had announced his plan to retire at the Inter Pipeline 2021 annual meeting of shareholders, but has brought forward his retirement due to health concerns. Shaw says that it has been a privilege to work with the ‘talented’ team.
He adds: ‘Together, we have created a world class energy infrastructure company, with a stable cash flow base and a bright future. I have every confidence in Margaret’s ability to guide Inter Pipeline through the next chapter of its development, including leading the strategic review process that is currently underway.’
McKenzie joined the board in 2015. She is a member of Inter Pipeline’s Audit Committee and the Major Projects Review Committee. She has more than 30 years of experience in finance, accounting, compensation and corporate governance in the energy sector and was the chief financial officer and a founder of Range Royalty Management, a private entity focussed on acquiring western Canadian oil and natural gas royalties from 2006 to 2014 and the chief financial officer of exploration and production company Profico Energy Management from 2000 to 2006. She has been a Chartered Professional Accountant since 1985 and obtained her ICD.D designation from the Institute of Corporate Directors in 2013.
‘On behalf of the board, I would like to thank Richard for his steady, reasoned guidance over the past 12 years. We greatly value his contributions and his strong support of Inter Pipeline’s important growth project, the Heartland Petrochemical Complex, which is nearing completion and about to add significant shareholder value. We wish him well in his retirement and our thoughts are with him for a speedy and complete recovery,’ she says.
McKenzie also currently leads the special committee set up to review Brookfield’s hostile takeover bid. The Inter Pipeline board called on its shareholders to reject the bid, which it says undervalues the company.