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

• Denbury Inc. (DEN) shareholders overwhelmingly approved the merger with ExxonMobil (XOM)

• Coty (COTY) faced a plastics shareholder proposal, but all we know at this time is that the proposal did not receive majority support

• Meeting results deserving of mention:

  • Crestwood Equity Partners (CEQP) shareholders supported the merger proposal with Energy Transfer LP (ET)

  • Low director reelection support at…

    • Enveric Biosciences (ENVB)

    • LSI Industries (LYTS)

    • Key Tronic (KTCC)

    • Southern Missouri Bancorp (SMBC)

    • Malibu Boats (MBUU)

    • CorMedix (CRMD)

  • Other low compensation-related items at…

    • Earthstone Energy (ESTE)

    • CorMedix (CRMD)

This upcoming week:

• LifeVantage (LFVN) proxy contest with Bradley L. Radoff, Sudbury Capital Fund, LP and others (Radoff-Sudbury group) will be interesting to watch as both ISS and Glass Lewis have recommended support for a dissident director nominee

• Texas Pacific Land (TPL) will face SIX shareholder proposals

• Honorable AGM mentions this week

  • LAM Research ($84bn)

  • ADP ($90bn)

  • Broadridge Financial Solutions ($21bn)

  • Revolution Medicines, Inc. and EQRx, Inc. merger

This past week:

• Denbury Inc. (DEN) shareholders approved the merger with ExxonMobil (XOM) - 99.8% approval with 83.2% support for the compensation proposal. The merger was completed November 2nd.

• Coty (COTY) faced a plastics shareholder proposal

  • The company hasn’t yet filed their results, but their AGM recording noted the proposal hadn’t passed

• Meeting results deserving of mention:

  • 91.2% of Crestwood Equity Partners (CEQP) shareholders supported the merger proposal with Energy Transfer LP (ET)

  • Low director reelection support at…

    • Enveric Biosciences (ENVB) - George Kegler and Frank Pasqualone received 57.2% and 61.6% support, respectively

    • LSI Industries (LYTS) - 77% support for Ernest W. Marshall, Jr.

    • Key Tronic (KTCC) - FAILED DIRECTOR ELECTION: James R. Bean received 36.7% support

    • Southern Missouri Bancorp (SMBC) - 76.2% support for Dennis C. Robison

    • Malibu Boats (MBUU) - 71.7% support for Michael J. Connolly

    • CorMedix (CRMD) - 61.8% support for Janet Dillione

  • Other low compensation-related items at…

    • Earthstone Energy (ESTE) - 73.6% support for Say-on-Pay

    • CorMedix (CRMD) - 76.1% support for Say-on-Pay

This upcoming week

• As noted in a separate write-up this week, the proxy contest at Lifevantage (LFVN), launched by Bradley L. Radoff and Sudbury Capital Fund, will be interesting to watch as both ISS and Glass Lewis have recommended support for the same dissident director nominee

  • The Radoff-Sudbury group filed solicitations that revealed both ISS and Glass Lewis are endorsing the dissident nominee Dayton Judd. ISS and Glass Lewis differ, however, as to who should make room for Judd: ISS recommends shareholders oppose the incumbent Chair of the LFVN board while Glass Lewis believes the Chair of the Comp Committee should depart the boardroom. See summary below

    

  • To further complicate things for LFVN, the Radoff-Sudbury group collectively owns close to 13% of shares, according to the PREC14A

    

• Texas Pacific Land (TPL) will face SIX shareholder proposals

  

  • Note: The company entered into a Cooperation Agreement with Horizon Kinetics (18% owner) and SoftVest this past summer which secured investor-approved director nominees on the TPL board. Part of the agreement included, inter alia, a provision where the investor group would support management on 2023 AGM proposals

    

• Honorable AGM mentions this week

  • LAM Research ($84bn mkt cap)

  • ADP ($90bn)

  • Broadridge Financial Solutions ($21bn)

    • Back in September,

      Jim McRitchie
      withdrew his shareholder proposal at Broadridge (below); therefore, none will be on the ballot this AGM

      

  • Revolution Medicines, Inc. shareholders vote on merger with EQRx, Inc., and vice-versa

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