WEST FRASER ANNOUNCES VOTING RESULTS OF THE ANNUAL SHAREHOLDERS MEETING

Rhea-AI Summary

On April 20, 2022, West Fraser Timber Co. Ltd. (WFG) held its Annual General and Special Meeting in Quesnel, BC, where 79.68% of shares were voted. Shareholders approved the election of all director nominees with strong support. Hank Ketcham and Reid E. Carter received 97.10% and 98.12% of votes in favor, respectively. Other key approvals included appointing PricewaterhouseCoopers LLP as the auditor and a corporate Articles amendment with 99.37% support. The Company continues to focus on diversified wood products across various markets.

Positive

• Strong shareholder support for director nominees, with the highest approval being 99.75%.
• Confirmation of PricewaterhouseCoopers as auditor indicates confidence in financial oversight.
• High approval rates for corporate governance reforms, including executive compensation strategies.

Negative

• Robert L. Phillips received only 89.96% of votes in favor, indicating potential shareholder concerns.

VANCOUVER, BC, April 20, 2022 /PRNewswire/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced, in accordance with Toronto Stock Exchange requirements, the voting results from its Annual General and Special Meeting held on Wednesday, April 20, 2022 in Quesnel, BC.

Voting Results for the Election of Directors

A total of 84,179,585 Common shares and Class B Common shares were voted at the meeting, representing 79.68% of the votes attached to all outstanding shares.  Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:

Director		Votes For		% of Votes in Favour		Votes Withheld		% of Votes Withheld
Hank Ketcham		78,478,566		97.10		2,340,859		2.90
Reid E. Carter		79,297,284		98.12		1,522,141		1.88
Raymond Ferris		80,091,124		99.10		728,301		0.90
John N. Floren		79,998,381		98.98		821,044		1.02
Ellis Ketcham Johnson		80,616,788		99.75		202,637		0.25
Brian G. Kenning		79,275,043		98.09		1,544,382		1.91
Marian Lawson		80,393,123		99.47		426,302		0.53
Colleen McMorrow		80,563,237		99.68		256,187		0.32
Robert L. Phillips		72,707,706		89.96		8,111,719		10.04
Janice G. Rennie		76,064,521		94.12		4,754,904		5.88
Gillian D. Winckler		80,522,389		99.63		297,036		0.37

 

Voting Results for Other Matters

Shareholders approved the fixing the number of directors at eleven (11).

Shareholders approved the appointment of PricewaterhouseCoopers LLP as auditor of the Company.

The resolution on the amendment of corporate Articles as disclosed in the Company's management information circular dated March 8, 2022 was also approved, with 99.37% of votes cast in favour.

The resolution on approval of the U.S. Employee Stock Purchase Plan as disclosed in the Company's management information circular dated March 8, 2022 was also approved, with 99.79% of votes cast in favour.

The resolution on the Company's approach to executive compensation (Say-on-Pay) as disclosed in the Company's management information circular dated March 8, 2022 was also approved, with 94.62% of votes cast in favour.

Detailed voting results for the meeting are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.

About West Fraser
West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe.  From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy.  West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.  For more information about West Fraser, visit www.westfraser.com.

For More Information
Media Contact
Joyce Wagenaar
Director, Communications
Tel. (604) 817-5539
media@westfraser.com

Investor Contact
Robert B. Winslow, CFA
Director, Investor Relations & Corporate Development
Tel. (416) 777-4426
shareholder@westfraser.com

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SOURCE West Fraser Timber Co. Ltd.

FAQ

What were the voting results for the directors at West Fraser's Annual General Meeting on April 20, 2022?

All director nominees were elected with high approval, including Hank Ketcham at 97.10%.

What percentage of shares were voted at West Fraser's meeting?

A total of 79.68% of all outstanding shares were voted.

Who was confirmed as the auditor during West Fraser's Annual General Meeting?

PricewaterhouseCoopers LLP was confirmed as the auditor.

What key resolutions were approved at West Fraser's meeting?

Resolutions included the election of directors, auditor confirmation, and amendments to corporate Articles.

What was the outcome of the employee stock purchase plan resolution at West Fraser's meeting?

The U.S. Employee Stock Purchase Plan was approved with 99.79% of votes in favor.