The Activist Investor reported on the 12 proxy contests voted under the new Universal Proxy scheme over the course of the 2023 proxy season (mid-December 2022 through June 30, 2023). Of those 12 contests, activists secured all of the sought-after seats at two companies and one or more board seats at four companies.
Notably, as shown above, shareholders voted in accordance with ISS’s recommendations in all but one of the 12 contests. The one exception was Zevra Therapeutics, wherein notwithstanding the fact that ISS and Glass Lewis both recommended zero of three candidates nominated by the investor (Mangless), shareholders supported all three dissident nominees. The post attributes the overall results to shareholders’ sliding scale desire for change at any given company.
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This post first appeared in the weekly Society Alert!