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…
Seres Therapeutics MCRB 0.00%↑ - Simple Majority Vote: PASSES with 63.9% despite 5.1% inside ownership, ~16% tied to a fund that has two directors on the board, and a board recommendation AGAINST
Disney DIS 0.00%↑ (see post dedicated to the full meeting results and outcome here)
Requesting the Board seek shareholder approval for Section 16 officers' termination payments: 8%
Requesting a report on political expenditures: 25.5%
Requesting a report on gender transitioning compensation and benefits: 2.4% **anti-ESG proponent**
Requesting publication of recipients of charitable contributions: 4.3% **anti-ESG proponent**
The Trian Group proposal… to repeal each provision or amendment of the Company's Bylaws that has been adopted by the Board (and not the shareholders of the Company) since November 30, 2023: 29.7%
The Blackwells Group proposal… for an advisory vote to cause the Board to increase its size by the number of nominees recommended by your Board at the Annual Meeting that fail to be elected, if any, for failure to receive more votes than a Trian Group Nominee or a Blackwells Group Nominee, and to appoint any and all such nominees recommended by your Board to fill the newly created corresponding vacancies: 2.8%
Bank of New York Mellon BK 0.00%↑
Transparency in lobbying: 38.4%
Report on the risks of politicized de-banking: 3.2% **anti-ESG proponent** (company noted in the 8-K that “neither the stockholder proponent nor the proponent’s representative was in attendance to present the proposal”)
Lennar Corp. LEN 0.00%↑ (discounting ~224mn shares of inside ownership):
Report disclosing the Company’s political spending and related policies and procedures: 37.6%
Report disclosing the Company’s LGBTQ equity and inclusion efforts in its human capital management strategy: 30.6%
Report on the Company’s plans to reduce greenhouse gas emissions: 37.7%
Synopsys SNPS 0.00%↑ - Independent board chair: 32.7%
Low director election support at…
Seres Therapeutics
Paul R. Biondi - 64.8%
Kurt C. Graves - 61.4%
Disney
Maria Elena Lagomasino: 62.9%
Mark G. Parker: 87.7%
Michael B.G. Froman: 87.5%
Proassurance PRA 0.00%↑ - Katisha T. Vance, MD: 83.8%
Mission Produce AVO 0.00%↑ - Stephen A. Beebe: 83.7%
Hewlett Packard Enterprise HPE 0.00%↑ - Gary M. Reiner: 89.6%
Synopsys
Bruce R. Chizen: 80.1%
Janice D. Chaffin: 85.1%
Low compensation-related items at…
Seres Therapeutics - Say-on-Pay: 64.6%
Disney - Say-on-Pay: 79.7%
Lennar Corp. (discounting ~224mn shares of inside ownership) - Say-on-Pay: 63%
Notable M&A/Interesting/Miscellaneous…
Hewlett Packard Enterprise - Amend Certificate of Incorporation to limit the liability of certain officers as permitted by Delaware law: 89.6%
Interesting filings this past week…
Upcoming meetings this week:
Haynes International, Inc. - April 16, 2024 | 09:30 AM ET
Moody's Corporation - April 16, 2024 | 09:30 AM ET
Northern Trust Corporation - April 16, 2024 | 10:30 AM CT
M&T Bank Corporation - April 16, 2024 | 11:00 AM ET
Fifth Third Bancorp - April 16, 2024 | 11:30 AM ET
U.S. Bancorp - April 16, 2024 | 11:00 AM CT
Public Service Enterprise Group Inc. - April 16, 2024 | 01:00 PM ET
EQT Corporation - April 17, 2024 | 09:00 AM ET
The Sherwin-Williams Company - April 17, 2024 | 09:00 AM ET
Regions Financial Corporation - April 17, 2024 | 09:00 AM CT
Commerce Bancshares - April 17, 2024 | 9:30 AM CT
First Financial Corporation - April 17, 2024 | 11:00 AM ET
Adobe Inc. - April 17, 2024 | 09:00 AM PT
Huntington Bancshares Incorporated - April 17, 2024 | 2:00 PM ET
Carrier Global Corporation - April 18, 2024 | 08:30 AM ET
AGNC Investment Corp. - April 18, 2024 | 09:00 AM ET
Owens Corning - April 18, 2024 | 09:00 AM ET
Interactive Brokers Group, Inc. - April 18, 2024 | 09:30 AM ET
KB Home - April 18, 2024 | 09:00 AM PT
Kontoor Brands, Inc. - April 18, 2024 | 11:00 AM ET
Northwest Bancshares, Inc. - April 18, 2024 | 11:00 AM ET
CF Industries Holdings, Inc. - April 18, 2024 | 11:00 AM CT
Humana Inc. - April 18, 2024 | 01:00 PM ET
KKR Real Estate Finance Trust Inc. - April 19, 2024 | 08:30 AM ET
AMN Healthcare Services, Inc. - April 19, 2024 | 08:30 AM CT
Portland General Electric Co - April 19, 2024 | 08:00 AM PT
L3Harris Technologies Inc. - April 19, 2024 | 01:00 PM ET
Lincoln Electric Holdings, Inc. - April 19, 2024 | 11:00 AM ET
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