Calgary-based oilsands giant Suncor Energy Inc. is facing pushback from activist investor Elliott Investment Management, which is calling for an overhaul of the board, management, operations and assets ahead of the May 10 annual meeting.

Suncor

A letter sent by Elliott to the board, along with a 45-page presentation posted on the internet, called Suncor a “$30 billion value creation opportunity” that includes potential for a 50% share price increase. Elliott indicated it has a 3.4% interest in the company.

Suncor said it was reviewing the overhaul proposal. 

Elliott’s campaign calls for Suncor to add five independent directors to its nine-member board and embark on a management review. Elliott’s presentation said it has candidates to fill the new seats but did not disclose...