In its June 16th 2006 edition, the Journal de Québec printed an article on page 36 entitled “A judge approves the shareholders’ rights to destitute Metro’s President” ("Un juge reconnaît aux actionnaires le droit de destituer le PDG de Métro"). This title introduces an article highlighting a Superior Court interlocutory judgment delivered on June 9th, 2006 dismissing the motion presented by Metro and Pierre H. Lessard to dismiss preliminarily the oppression recourse presented by the Regroupement des marchands actionnaires inc., a Metro dissident shareholder.

The title is false and misleads the public on the nature of the judgement that was rendered. It does not reflect the nature of the information introduced.

As journalist Alain Bisson mentioned in the article, the only thing that the judgment does indicate is that a company executive’s remuneration can be contested through oppression recourse if it is alleged that the remuneration in question is excessive. The judgment does not conclude that the “shareholders” have acquired the right to destitute Mr. Lessard, which is very different.

Metro shareholders and capital markets trust Mr. Lessard and therefore it must be made clear that Mr. Lessard’s right to continue being Metro’s Chief Executive Officer is not being questioned by the judgment mentioned in the newspaper. Metro vigorously disputes the allegations made by this dissident shareholder. The Company’s outstanding performance ever since Mr. Lessard has been CEO fully justifies his remuneration, as was mentioned in numerous studies on corporate executives’ compensation published over the last few years.

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Source : METRO INC.

Informations :
Marie-Claude Bacon
Director, Corporate Affairs Department
Corporate Affairs
514-643-1086
1-800-361-4681, ext. 1086

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