MONTREAL, QUEBEC–(Marketwired – May 19, 2016) – WSP Global Inc. (TSX:WSP) (“WSP” or the “Corporation”) today held its annual meeting of shareholders (the “Meeting”) at the McCord Museum in Montreal, during which it provided an update on its 2015-2018 Strategic Plan. During the formal part of the Meeting, a total of 73,923,937 common shares (representing approximately 73.7% of all issued and outstanding common shares of the Corporation) were represented in person or by proxy. Shareholders of the Corporation (the “Shareholders”) voted in favour of all items of business put forth at the Meeting by the Corporation. The complete voting results for each item of business at the Meeting are presented below.
UPDATE ON WSP’S 2015-2018 STRATEGIC PLAN
During the Meeting, Alexandre L’Heureux, who will be appointed President and Chief Executive Officer of WSP upon the appointment of a new Chief Financial Officer, reaffirmed the Corporation’s previously disclosed 2015-2018 Strategic Plan, which aims to support the Corporation’s vision to “always be the first choice for clients, partners and employees”. This Plan is based on four pillars: employees, clients, operational excellence and expertise.
Mr. L’Heureux said: “Our growth strategy remains intact. We always strive to deliver on our plans and that is how I intend to continue to lead WSP. This Strategic Plan is one of continuity and is built on our technical capabilities and pure play business model, our quality service offering, our reputation in the consultancy services sector, as well as our ability to seize opportunities.” He concluded by saying: “WSP is a formidable global player, with ample growth opportunities and I firmly believe in our people and the passion they have for what they do. Therefore, I know we have all it takes to become the leading global professional consultancy in our industry”.
FINANCIAL OBJECTIVES
The following 2018 financial objectives were reaffirmed. By the end of 2018, the Corporation aims to:
- Reach $6.0 billion in net revenues through a combination of organic and acquisitive growth. Of this, $1.3 billion should be achieved through acquisitions of complementary and like-minded firms and the balance generated organically, which should translate into annual organic growth of 5% on average;
- Deliver an Adjusted EBITDA margin of 11.0%;
- Generate free cash flow equal or higher to net earnings; and
- Reach a workforce of 45,000 employees across the globe.
ELECTION OF DIRECTORS
The Board of Directors of the Corporation has fixed at nine the number of directors (the “Directors”) to be elected at the Meeting. Each of the nine nominees listed in the Corporation’s Management Information Circular dated April 11, 2016 was elected as a Director of WSP until the end of the next annual meeting of Shareholders of the Corporation or until their successors are appointed. All of the Nominee Directors are currently members of the Board of Directors, with the exception of Pierre Fitzgibbon, Alexandre L’Heureux and Suzanne Rancourt, who were new nominees.
“I would like to take this opportunity to officially welcome Pierre Fitzgibbon, Alexandre L’Heureux and Suzanne Rancourt to our Board of Directors,” stated Christopher Cole, Chairman of the Board of Directors. “I previously explained that the Board would progressively be aligned with our enlarged global group and we have carefully selected the people we believed would be the best candidates as we continue our journey to become the premier global professional services consultancy. All these candidates bring solid, in-depth knowledge in various fields, which will provide us with further strategic perspectives as we grow our firm.”
| Nominee | Votes For | % For | Votes Withheld | % Withheld | ||
| Richard Bélanger | 73,430,064 | 99.51 | % | 363,776 | 0.49 | % |
| Christopher Cole | 69,601,637 | 94.32 | % | 4,192,203 | 5.68 | % |
| Pierre Fitzgibbon | 67,364,382 | 91.29 | % | 6,429,458 | 8.71 | % |
| Alexandre L’Heureux | 70,633,844 | 95.72 | % | 3,159,996 | 4.28 | % |
| Birgit Nørgaard | 72,404,771 | 98.12 | % | 1,389,069 | 1.88 | % |
| Josée Perreault | 73,429,430 | 99.51 | % | 364,410 | 0.49 | % |
| George J. Pierson | 67,298,119 | 91.20 | % | 6,495,721 | 8.80 | % |
| Suzanne Rancourt | 73,769,799 | 99.97 | % | 24,041 | 0.03 | % |
| Pierre Shoiry | 70,637,778 | 95.72 | % | 3,156,062 | 4.28 | % |
APPOINTMENT OF AUDITORS
PricewaterhouseCoopers LLP, Chartered Professional Accountants, was appointed as auditor of WSP until the close of the next annual general Shareholders’ meeting, and the Directors were authorized to fix the remuneration of the auditors.
| Votes For | % For | Votes Withheld | % Withheld |
| 72,893,482 | 98.61% | 1,030,455 | 1.39% |
NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION
Shareholders were also presented with a non-binding, advisory vote on executive compensation to provide their views on the executive compensation plans and related disclosed objectives.
During today’s Meeting, Shareholders voted in favour of such advisory as follows:
| Votes For | % For | Votes Against | % Against |
| 71,507,171 | 96.90% | 2,286,569 | 3.10% |
As mentioned in the Corporation’s Management Information Circular dated April 11, 2016, while Shareholders have provided their collective advisory vote, the Directors remain fully responsible for their compensation decisions and are not relieved of these responsibilities by a positive advisory vote by Shareholders.
The foregoing voting results will be published on the Corporation website (www.wsp-pb.com) under “Investors” and filed on SEDAR (www.sedar.com).
WEBCAST
The Meeting was covered by an audio webcast, available on WSP’s website in the “Investors” Section.
ABOUT WSP
As one of the world’s leading professional services firms, we provide technical expertise and strategic advice to clients in the Property & Buildings, Transportation & Infrastructure, Environment, Industry, Resources (including Mining and Oil & Gas) and Power & Energy sectors. We also offer highly specialized services in project delivery and strategic consulting. Our experts include engineers, advisors, technicians, scientists, architects, planners, surveyors and environmental specialists, as well as other design, program and construction management professionals. With approximately 34,000 talented people in 500 offices across 40 countries, we are uniquely positioned to deliver successful and sustainable projects under our WSP and WSP / Parsons Brinckerhoff brands, wherever our clients need us. www.wsp-pb.com.
Forward-looking statements
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP’s actual or projected results are included in the Management Discussion and Analysis for the first quarter of 2016 ended March 26, 2016, which is available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and WSP does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
Chief Financial Officer
WSP Global Inc.
514-340-0046, ext. 5310
[email protected]
Isabelle Adjahi
Vice President, Investor Relations and
Corporate Communications
WSP Global Inc.
514-340-0046, ext. 5648
[email protected]
