Wilson and Rodrigo Salcedo,
alternate directors at Volaris have submitted their resignations as director and
alternate directors, respectively, the company said.
"Asset owners and managers also should consider whether further board-level actions are warranted, such as voting against directors overseeing executive compensation, environmental issues, and political spending; enacting governance reforms to improve board independence; or nominating
alternate directors."
Further, the AGM decided that the board shall consist of five members, with no
alternate directors. Board members Mia Arnhult, Christian Kinch, Marie Wickman -Chanteraeu and Svante Ostblom were re-elected, while Jan Stahlberg was elected as a new board member and chairman of the board.
If your business is incorporated, you may need to put a director's LPA in place alongside a review of the Company's Memorandum and Articles of Association, or consider
alternate directors.
Three new
alternate directors namely Herschel Gunawardena, P.A.
He and another large shareholder, Casablanca Capital, have been critical of management of late, with the latter specifically calling the company a "country club." Both shareholders were irate over Mentor's recent decision to move up its annual meeting, thus hampering the ability for the dissident shareholders to propose
alternate directors for the company's board.
Relying mainly on such strategies as ousting directors or nominating
alternate directors can affect only a few corporate outliers at best.
Thierry Baudon and Michael Krammer, the two
alternate directors, have replaced TDC's two remaining representatives on Invitel's board of directors following the equity transaction.
TITLE: This amendment provides a procedure for selecting
alternate directors for at-large directors on the Board of Directors, and sets forth the circumstances under which such
alternate directors would serve.
Should the existing board resist Biglari's proposed changes, we'd not be surprised by a second proxy fight in 2008 running a second set of
alternate directors." In other words, the battle for control of Friendly's still has a long way to go.
All directors (including
alternate directors) have a statutory obligation to give to the company all the information that must be placed in The Register of Directors and Secretary.
