TSXV:LRT.UN - Post by User
Comment by
quicksilver545on Jul 21, 2022 12:18pm
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Post# 34840698
RE:RE:Response from Manitoba Securities
RE:RE:Response from Manitoba SecuritiesI found this interesting... written right in the circular:
Majority Voting Policy
The Board has adopted a majority voting policy pursuant to which, with respect to uncontested Board elections, each nominee who receives more votes withheld than are voted in favour of him or her, will be expected to forthwith submit his or her resignation to the Board, to be effective on its acceptance by the Board. The Board will refer the resignation to the Governance, Compensation and Nominating Committee for consideration. The Board will promptly accept the resignation unless the Governance, Compensation and Nominating Committee recommends to the Board that there are circumstances warranting that such Trustee continue to serve as a Trustee. In any event, it is expected that the resignation will be accepted (or rejected) by the Board within 90 days of the meeting of Unitholders, during which time an alternate Trustee may
The way i read that, if there were more votes withheld than for, those trustees need to resign. Since we don't have the results, there's no way of knowing, but I strongly suspect that there were more people voting against than for thes trustees. No word from management if these guys tendered their resignations of course.
Every other year they release the results of the vote one day after the AGM, except for this year. I wonder why that is....