If engagement is to be meaningful and productive -- if we collectively are going to focus on benefitting shareholders instead of wasting time and money in proxy fights
-- then engagement needs to be a year-round conversation about improving long-term value," he writes.
Charlie will provide strategic counsel to clients on a variety of shareholder-related issues, with particular emphasis on activist situations and proxy fights
42) While many of those fights resulted in success via settlement, shareholder activists also achieved success in 60% of the proxy fights
that went to an actual vote in 2009.
At ISS Young was responsible for analysing contentious M&A deals, proxy fights
and corporate-governance issues, and providing the firm's large-shareholder clients advice on voting and tender offers.
com retail web site and an MBA from UC-Berkeley -- is something of a larger-than-life character, who has dabbled in proxy fights
at not only RedEnvelope, but also Sharper Image and United Retail.
In other words, those most directly affected by takeovers and proxy fights
tell us we should care.
In essence, such action would both make proxy fights
a lot easier and elect directors actually opposed by management.
General shareholders are clearly paying a high price for rules that defend managements against proxy fights
and hostile takeovers.
Not all corporate governance issues require the expensive proxy fights
that occurred in the 1970's and 1980's.
After trading costs, lawyers' fees and close to $30 million spent in two proxy fights
, Icahn was believed to have cleared more than $100 million.
Although INDOPCO clarified the law as it pertains to target corporations in successful friendly takeovers, issues remain regarding the deductibility of expenses related to failed or abandoned transactions, expenses related to fighting hostile takeovers, expenses related to searching for white knights, expenses related to divisive reorganizations, expenses related to proxy fights
, and costs of obtaining financing to redeem shares to prevent a hostile takeover, among others.
Tender offers and proxy fights
determine who possesses the right to manage corporate resources.