Suncor Pays C$390K Penalty For Worker Death: Details
Portfolio Pulse from Lekha Gupta
Suncor Energy Inc's (NYSE:SU) subsidiary Syncrude Canada pleads guilty to a charge under the Occupational Health and Safety Act, agreeing to pay C$390,000 for failing to ensure worker safety after a fatal incident in 2021. This is part of a series of incidents that led to management changes at Suncor, influenced by pressure from activist investors. Despite this, Suncor reports no deaths or life-threatening injuries in 2023, with a significant reduction in lost-time injuries.
April 09, 2024 | 11:42 am
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Suncor Energy Inc faces legal repercussions and pays a penalty for a worker's death in 2021, amidst a series of incidents leading to management changes and activist investor pressure.
The guilty plea and penalty payment by Suncor's subsidiary for failing to ensure worker safety could negatively impact investor sentiment in the short term, especially considering the series of related incidents and management changes. However, the company's reported improvements in safety metrics in 2023 might mitigate some of the negative impact over time.
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