OVV - Ovintiv slammed by activist investor over executive pay lack of accountability

Activist investor Kimmeridge Energy Management has built new positions in Ovintiv ([[OVV]] +3.%), PDC Energy ([[PDCE]] +0.6%) and Cimarex Energy ([[XEC]] +1.7%) and plans to push for changes at the companies to improve their performance and governance, Bloomberg reports."Ovintiv is one of the more egregious examples of misalignment in the sector, whether it's the excessive compensation relative to performance, the low insider ownership, or the lack of any meaningful board refreshment," Kimmeridge head of public equities Mark Viviano tells Bloomberg.Kimmeridge, which owns a 1.9% stake in Ovintiv, has raised its concerns to the company and will keep all options on the table if the company fails to address them, including starting a proxy fight to replace board members if needed, Viviano says.Kimmeridge would like to see PDC Energy implement a dividend and Cimarex declassify its board so that all of its directors are re-elected each year rather than just a

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Ovintiv slammed by activist investor over executive pay, lack of accountability