Proxy access effort at PNBC recognized  gave some press to our effort. You can read it here.  Their site is listed on the blogroll  in the sidebar.

It seems that one proposal based on the original version, which we used, passed. All others failed. They have since modified the proposal. It is interesting to note, if one delves a little further, that most proposals like ours were easily tossed out before even getting to the floor. From the reading, it wouldn’t have taken much of an attorney to have gotten this thrown out.

2 comments on “Proxy access effort at PNBC recognized

  1. I’d love to see you folks do another proxy access proposal next year. As mentioned above, the version used earlier this year could have easily been dropped from the ballot if the bank had hired an attorney and requested a “no-action” letter from the SEC.

    We have two versions now that appear bullet-proof and have started sending it and to and having discussions with proxy advisors and institutional investors, something we didn’t want to do until we got through the SEC process.

    If you are going to use the proposal going forward it would be good to join the United States Proxy Exchange. It is an all volunteer organization but members are more prone to help each other before helping those outside the organization. Our members are experienced… having filed hundreds of proposals, far more than any institutional investors (who get most of the press). Not only have members filed a lot of proposals, we also have a strong record of winning.

    Either way, best of luck in future campaigns. You did very well for first time out without much help from others.

    • Thanks Jim. You and Glyn were very helpful throughout and we could not have progressed as well as we did without your proposal. I hope the bank survives long enough to challenge again.

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