Mr. Melnyk remains the single largest shareholder of Biovail. Explaining the reasons for the requisition, Mr. Melnyk said "this is not about proposing a strategic plan or replacing the whole board. It is about ensuring that Biovail has a strong board with independent and qualified directors who will ensure the company adheres to the highest standards of corporate governance. As the largest shareholder of Biovail, my interests in this area are fully aligned with other shareholders and Mr. Haggis and Mr. Potter, who I am pleased have agreed to stand for election to the board, are exceptional candidates and would be positive additions to the Biovail board of directors."
Separately, the Concerned Shareholders stated that they have decided at this point to focus their efforts on certain key governance proposals and not the full package of proposals originally set forth in the requisition dated February 25, 2009 which was filed with Biovail. Accordingly, the Concerned Shareholders, in addition to nominating the Nominees, will be proposing at the Meeting and soliciting proxies in respect of the following four key corporate governance proposals: (1) majority voting, (2) individual director voting, (3) proxy access and (4) the treatment of severance arrangements under Biovail's employment agreements. Further details with respect to the proposals will be set forth in the Concerned Shareholders' proxy circular that is expected to be mailed to shareholders in the near future.
The biographies with respect to Mr. Haggis and Mr. Potter are as follows:
Paul G. Haggis - Paul Haggis is currently the Chairman of Alberta Enterprise Corporation, a new venture fund created by the Alberta Government. Previously, Mr. Haggis was President and Chief Executive Officer
|SOURCE Concerned Shareholders of Biovail|
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