Re: How Your Vote Can Change Corporate Policy
posted on
Nov 04, 2013 07:47PM
Eagle3 from Noo Yawk posted "Even when a resolution wins a majority, the company is not obligated to make a change. The company may even ignore a successful resolution. That said, companies have grown more responsive to shareholder resolutions because investors have learned to make a strong business case about the issues they present, and corporations recognize the danger of community backlash when bad press leaks out about corporate policy. "
Were you around a few years ago when a Shareholder motionto change to Majority votr from Plurality vote "won" by a ratio of 4:1? Were you here when we patient,y awaited an announcement by "the BOD" that it had been adopted - an announcement that never came? Were you around when PTSC added a paragraph to the FAQs on the website stating that would ignore the vote - about TEN MONTHS LATER? Did you know that one reason cited for this inaction with respect to a Motion approved by about 80% of the votes cast was "your BoD had determined that this change would not be in the best interests of the Shareholders"? In modern vernacular I believe words like "Sheeeeesh" and "Whaaaaaat?!" could be heard from afar.
The ONLY way to get change is to prove fraud, negligence, abuse of position, fiduciary irresponsibility etc.
That would require a small but determined group of shareholders to band together. They would probably have to be in Southern California for physical reasons, but others could probably provide support via specialist legal and financial expertise.