Velan (TSE:VLN) outlined plans to strengthen profitability, cash generation and commercial execution as the valve manufacturer held its 2026 annual meeting of shareholders.
In his first annual-meeting remarks as President and Chief Executive Officer, Rishi Sharma said the company is entering its next phase from “a position of strength” following strategic transactions completed during the past two years.
Strategic priorities
Sharma said Velan will focus on three priorities: developing a more efficient organization with a culture of ownership, driving operational excellence to improve delivery and margins, and sharpening the company’s focus on growth opportunities across its markets.
The company has implemented a streamlined structure consisting of global corporate functions and regional business units, while also completing a series of senior leadership appointments, Sharma said.
“By simplifying our structure, strengthening accountability, and bringing decision-making closer to our customers and markets, we are creating a stronger foundation for operational excellence and enhanced commercial execution,” Sharma said.
He said successful execution of those priorities is expected to support stronger profitability and cash generation, which Velan views as a foundation for reinvestment, deleveraging and long-term shareholder returns.
Shareholder resolutions approved
Chair of the Board Patrick Duncan said that 52 shareholders were present at the virtual meeting or represented by proxy. Those shareholders represented 19.4 million shares, or 97.1% of the votes attached to Velan’s issued and outstanding shares, according to the preliminary scrutineer’s report.
Shareholders received the company’s audited consolidated financial statements for the fiscal year ended Feb. 28, 2026, along with the related auditor’s report.
Shareholders also approved the election of seven directors:
- Suzanne Blanchet
- Daniel Desjardins
- Patrick G. Duncan
- Shauna Gamble
- Edward Kernaghan
- Joshua Lundy
- James A. Mannebach
The directors will serve until the next annual meeting of shareholders or until their successors are elected or appointed.
In addition, shareholders approved the reappointment of PricewaterhouseCoopers LLP as Velan’s auditor until the next annual meeting and authorized the board to determine the auditor’s compensation.
Duncan said the scrutineer reported that all resolutions were approved by at least a majority of votes cast. Final voting results will be released following the meeting and filed under the company’s profile on SEDAR.
About Velan (TSE:VLN)
Velan Inc is an international manufacturer of industrial valves. It offers products such as Gate valves, check valves, cryogenic, steam traps, and others, which are used in various industries including power generation, oil, and gas, refining and petrochemicals, chemical, liquid natural gas (LNG) and cryogenics, pulp and paper, geothermal processes and shipbuilding. The company operates in various geographical regions, which are Canada, the United States, France, Italy, and Other countries.
