(Reuters) – Hedge fund Elliott Management has asked Canada’s Suncor Energy to conduct a strategic review and refresh its board. The firm claims that its shares are underperforming despite a rise in crude oil prices to multi-year records.

On Thursday, an activist investor sent a letter to Suncor’s board saying that shares of Suncor have been virtually unchanged since January 2019 and that Suncor is struggling with safety issues.

Elliot (which holds 3.4% of the company’s stock) also suggested five additional independent directors to be added to the board. But, Elliot has not yet called for any executive changes.

Paul Singer, billionaire hedge fund investor, suggested several other ideas to improve shareholder returns. He also recommended increasing capital returns by 50% to 80% discretionary cash flow after dividends and capex.

Suncor didn’t immediately reply to Reuters’ request for comment.