OFSTF - Carbon Streaming Announces Reduction in Board Size | Benzinga
TORONTO, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company") today announced that as part of the Company's continuing efforts to reduce costs, it has reduced the size of its Board of Directors (the "Board") from eight (8) to five (5) directors. In connection with the decrease in size of the Board, R. Marc Bustin, Saurabh Handa, and Andy Tester have voluntarily resigned from the Board, effective as of January 3, 2024.
Maurice Swan, Chair of the Board, stated, "As part of the next phase of our previously announced restructuring plan, we recognized the opportunity to enhance the efficiency of our Board by reducing its size. This smaller, more efficient Board reflects the evolution of our cost saving initiatives while maintaining the independence and experience needed to continue to position the Company for success."
Mr. Swan continued, "Marc, Saurabh and Andy have been valuable members of the Board, providing strong support throughout a period of exceptional growth at Carbon Streaming. On behalf of the Board of Directors and management, I thank them for their many contributions to the Board and their commitment to Carbon Streaming. We wish Marc, Saurabh and Andy all the best in their future endeavours."
With these changes, the Board is now comprised of five (5) directors, of which three (3) are independent. Concurrent with Messrs. Bustin, Handa and Tester's resignations, Ms. Candace MacGibbon, current member of the Audit Committee, will serve as the Chair of the Audit Committee, Ms. Alice Schroeder will serve as the Chair of the Compensation Committee and Mr. Swan will serve as Chair of the new Corporate Governance, Nominating and Sustainability Committee.
About Carbon Streaming
Carbon Streaming aims to accelerate a net-zero future. We pioneered the use of streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to advance global climate action and additional United Nations Sustainable Development Goals. This approach aligns our strategic interests with those of project partners to create long-term relationships built ...