Corporate GovernanceJul 13, 2026, 07:06 AM
Scully Royalty Board Adopts Policy on Shareholder Reimbursements
AI Summary
Scully Royalty Ltd. announced its Board of Directors adopted a comprehensive Policy on Shareholder Reimbursements and Payments, effective July 11, 2026. This policy broadly prohibits the company from directly or indirectly reimbursing costs incurred by shareholders for activities undertaken in their capacity as shareholders. Any exception to this prohibition requires the affirmative approval of at least 75% of the company's outstanding shares, excluding those held by the covered shareholder, following full disclosure. The company stated the policy ensures resources are preserved for the benefit of all shareholders.
Key Highlights
- Scully Royalty Board adopted a Policy on Shareholder Reimbursements and Payments, effective July 11, 2026.
- The policy broadly prohibits the company from directly or indirectly reimbursing Shareholder Capacity Costs.
- Any exception to the prohibition requires affirmative approval from not less than 75% of outstanding shares.
- The 75% approval excludes shares owned, controlled, or voted by the Covered Shareholder.
- The policy includes anti-circumvention provisions to prevent indirect funding of shareholder activities.
- Any amendment or repeal of the policy requires 60 days public disclosure by the Board.
- The policy aims to preserve company resources for the benefit of all shareholders.
- Scully Royalty's common shares resumed trading on the NYSE on July 8, 2026, under the symbol "SRL".
Price Impact
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