Where is Imperial's board in all of this? Aren't they supposed to be holding management accountable that any changes are in the best interest of Shareholders?
How is this good for Imperial? Move activities from Calgary to Houston where EM folks who are less familiar with the market will oversee the activities at a much higher cost, and then funnel more chargebacks to Imperial. Move activities to GBC's for sub-standard work from a bloated GBC headcount, while paying those folks to fly all around the world and racking up more opaque chargebacks. Move profitable Trading activities out of Calgary so EM can do it instead and pocket the $. How is that good for Imperial shareholders?
Relocate staff from Calgary to Edmonton, putting a huge amount of chaos into the business, incurring huge costs for severance, relocation, and then losing many of your best employees. You're left picking your team from whoever wants to move to Edmonton, which is a minority. All other energy business is in Calgary, so those staff in Edmonton will then have to travel back to Calgary regularly for meetings, incurring more cost and time. How is that beneficial to Shareholders?
I'm sure EM has put together a nice PPT showing the board that this is good for them, but shouldn't they be putting in some critical thought? How did the board say yes to all this? The board seems to be failing shareholders, and this is ripe for an investor lawsuit.