This Week in AGMs
This past and upcoming week in AGMs and special meetings - what happened, what to look out for
This past week: if you missed it, catch last week’s TWAGM here
Sovos Brands (SOVO) shareholders voted on whether to be acquired by Campbell Soup Company (CPB)
CACI International Inc. (CACI) had their AGM after having disclosed that ISS recommended shareholders vote against their Say-on-Pay proposal
This upcoming week:
Cintas Corporation (CTAS) faces two shareholder proposals
Bio-Techne (TECH) received low Say-on-Pay support in 2022 (62%)
Mercury Systems (MRCY) received a failed Say-on-Pay vote in 2022 (20%)
This past week:
Sovos Brands (SOVO) shareholders voted on whether to be acquired by Campbell Soup Company (CPB)
No surprise here: overwhelming support irrespective of the aforementioned shareholder litigation
CACI International Inc. (CACI) had their AGM after having disclosed that ISS recommended shareholders vote against their Say-on-Pay proposal
Subsequent to the solicitation disclosing their rebuttal to the negative ISS recommendation, ISS apparently reversed their guidance
Note: results not filed as of this post
This upcoming week:
Cintas Corporation (CTAS) faces two shareholder proposals, neither of which are repeats from last AGM. (Historically, shareholder proposals have done well at Cintas: See here and here for 2022 and 2021 results, respectively)
The first, a DEI (EEO-1) disclosure request
The second, a science-based GHG targets proposal
Bio-Techne (TECH) received low Say-on-Pay support in 2022 (62%)
Due to a rather low SOP result last AGM, the company is tasked with proving adequate responsiveness to shareholder concerns. (Additional responsiveness assessment by Glass Lewis and ISS are triggered when the prior year’s SOP received less than 80% and 70%, respectively.) Below you’ll find the company’s related SOP responsiveness disclosure from the proxy; you’ll also find the company’s latest CEO-related disclosure (filed this past Thursday)
Mercury Systems (MRCY) received a failed Say-on-Pay vote in 2022 (20%)
Related SOP responsiveness disclosure from the proxy below
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