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

• Coty (COTY) faced a plastics shareholder proposal the week prior, but hadn’t filed their vote results—the proposal received 12.5% support

  • Two directors received roughly 77% support

  • Say-on-Pay received 74.4%

  • As noted, these are notable provided the ownership of the company:

• LifeVantage (LFVN) proxy contest with Bradley L. Radoff, Sudbury Capital Fund, LP and others (Radoff-Sudbury group) resulted in a near one-seat-win after both ISS and Glass Lewis recommended support for a dissident director nominee

  • An 81,000 vote differential separated incumbent Garry Mauro and dissident Dayton Judd—in percentage support terms, Mauro received 50.3% while Judd received 49.6%

  • Moreover, the Chair, Michael A. Beindorff, received just 63.5% support

    

• Texas Pacific Land (TPL) faced 6 shareholder proposals

  • 2 out of the 6 SHPs—the special meeting right and written consent proposals—received majority support

    

• Meeting results deserving of mention:

  • Low director election support at…

    • AMC Entertainment (AMC): Denise M. Clark and Keri S. Putnam received just over 70% support

    • Lam Research (LRCX): Board Chair Abhijit Y. Talwalkar (83.7%)

    • Sanfilippo (JBSS): Pamela Forbes Lieberman, Chair of both the Audit and Governance committees (60.2%)

    • Korro Bio (KRRO): David L. Lucchino (75.1%)

  • Low compensation-related items at…

    • AMC Entertainment (AMC) failed Say-on-Pay (48.9%)

    • Hersha Hospitality Trust (HT) failed Say-on-Pay (41.8%)

    • Korro Bio (KRRO): Approval of the 2023 Stock Option and Incentive Plan (53.6%)

  • M&A:

    • Revolution Medicines, Inc. completed their acquisition of EQRx, Inc.

This upcoming week:

• Cardinal Health (CAH)

  • 2 shareholder proposals:

    • Executives retaining stock

    • Shareholder ratification of excessive termination pay

• News Corp (NWS)

• Oracle (ORCL)

  • 2 shareholder proposals

    • Pay Gap Report

    • Independent Board Chair

• Western Digital (WDC)

  • WDC received a failed Say-on-Pay last AGM (12.3%)

• Resmed (RMD)

• Estee Lauder Cos. (EL)

• Lumentum (LITE)

  • LITE revealed in a solicitation that ISS has recommended shareholders vote against their Say-on-Pay and Equity Incentive Plan proposals

• Sysco (SYY)

  • One shareholder proposal: Re-establishing a policy for eliminating or reducing gestation crates in the Company's pork supply chain

• Donaldson (DCI)

Postscript: drop me a line and tell me what you think about the TWAGM series.

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