This Week in AGMs

This past and upcoming week in shareholder meetings - what happened, what to expect

If you missed it, catch last week's TWAGM here

This past week:

• Shareholder proposals at…

  • Micron Technology (MU) - shareholder ratification of excessive termination pay: 7.5%

• Low director (re)election support at…

  • Pure Cycle (PCYO) - Nom Chair, Wanda J. Abel: 77.6% (consider also that inside ownership is ~16%)

    • Board is just 14% women (or one director, which happens to be Ms. Abel)

  • AMMO (POWW) - Chair of Audit and CEO Succession Committees, Jessica M. Lockett: 79% (consider also that inside ownership is ~25%)

    • Board is just 11% women (or one director, which happens to be Ms. Lockett)

• Low compensation-related items at…

  • Micron Technology (MU) - Say-on-Pay: 80.4%

    • As mentioned last week, MU’s SOP in 2023 received just 71%

  • Pure Cycle (PCYO) - 2024 Equity Incentive Plan: 64.5% (consider also that inside ownership is ~16%)

  • Aware (AWRE) - stock option exchange program proposal: 64.7%

  • Heart Test Laboratories (HSCS) - 2023 Equity Incentive Plan: 74.9%

• Interesting at…

  • Geovax Labs (GOVX) - reverse stock split proposal: 73.4%

Upcoming meetings:

• Scotts Miracle-Gro (SMG): Jan. 22

• Super Micro Computer (SMCI): Jan. 22

  • Chair of Comp Committee last AGM received just 77% support

    • Note: Classified board; Comp Chair will not be up for reelection

• Engagesmart (ESMT): Jan. 23

  • Taking the almost-$4bn company private for $23/share

• Visa (V): Jan. 23

  • Shareholder proposal: Shareholder Ratification of Excessive Termination Pay - Shareholders request that the Board adopt a policy to seek shareholder approval of the top 10 senior managers’ new or renewed pay package that provides for termination payments with an estimated value exceeding 2.99 times the sum of the executive’s base salary plus target short-term bonus

  • Management proposal: Approval and Adoption of the Class B Exchange Offer Program Certificate Amendments

    

    

• MSC Industrial Direct (MSM): Jan. 24

• Jacobs Solutions (J): Jan. 24

  • Shareholder proposal: Simple Majority Vote

• Acuity Brands (AYI): Jan. 24

• Catalent (CTLT): Jan. 25

• Enerpac Tool (EPAC): Jan. 25

• Walgreens Boots Alliance (WBA): Jan. 25

  • Shareholder proposals:

    • Report on cigarette waste: Shareholders request that our Company report on its efforts to educate its customers who purchase tobacco products about the environmental damage caused by improperly discarded tobacco products, and provide information on methods of proper disposal.

    • Independent board chairman: received 34% support last AGM

    • Living wage policy: shareholders ask that the board and management exercise their discretion to establish company wage policies that are reasonably designed to provide workers with the minimum earnings necessary to meet a family’s basic needs, such policies to include reference to established living wage frameworks and timeframes for adoption and to comply with relevant legal obligations

      • Exempt solicitation from The Shareholder Commons, Inc. filed here

    • EEO policy risk report: Shareholders request that Walgreens Boots Alliance, Inc. (Walgreens) issue a public report detailing the potential risks associated with omitting “viewpoint” and “ideology” from its written equal employment opportunity (EEO) policy. The report should be available within a reasonable timeframe, prepared at a reasonable expense and omit proprietary information

      • Historically anti-ESG proponent: National Center for Public Policy Research

    • Report on the risks of reproductive healthcare legislation: Shareholders request that Walgreens issue a public report prior to December 31, 2024, omitting confidential and privileged information and at a reasonable expense, detailing any known and any potential risks and costs to the company caused by enacted or proposed state and federal laws regarding mifepristone and other reproductive health medications, and detailing any strategies beyond litigation and legal compliance that the company may deploy to minimize or mitigate these risks.

      • Exempt solicitation from Presbyterian Church (U.S.A.) filed here

• Air Products & Chemicals (APD): Jan.25

• Post (POST): Jan.25

• Sally Beauty (SBH): Jan.25

• UGI (UGI): Jan.25

• WestRock (WRK): Jan.25

Shout out and many thanks to

The ESG Advocate

for the recommendation of

Mr. CorpGov

to his subscribers

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