Did any incumbent directors lose their seats, indicating potential governance concerns?

Answer

No – according to the announcement, none of the incumbent directors lost their seats.

Why this matters

• The press release states that “each director nominee listed in its management information circular, dated June 26 2025, was elected or re‑elected, as applicable, at its annual general and special meeting of shareholders held … August 5 2025.”
  
• The phrasing “elected or re‑elected, as applicable” means that every person who was on the board (the incumbents) and every new nominee was either confirmed for another term (re‑elected) or newly appointed (elected).
  
• There is no mention of any director being defeated, removed, or choosing not to stand for re‑election.
  

Implications for governance

• Stability: The continuity of the board composition suggests a stable governance environment, with shareholders affirming the current directors’ performance.
  
• No red‑flag: A loss of an incumbent seat can sometimes signal shareholder dissatisfaction, a shift in strategic direction, or internal board conflict. Since no incumbent was ousted, there is no immediate indication of such concerns.
  

Conclusion

Based on the information provided, all incumbent directors retained their positions (were re‑elected), and no directors were removed or lost their seats. Consequently, there is no evidence of governance concerns arising from director turnover in this particular election.