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Arconic flooded shareholders with proxy ballots


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2017 Jun 1, 4:29pm   1,379 views  2 comments

by Patrick   ➕follow (55)   💰tip   ignore  

I own a lot of different stocks, and generally don't vote my shares because it isn't going to make any difference.

This year I got a couple of requests to cast my proxy vote from Arconic, which is part of the former Alcoa. That was odd, but I threw them out as usual.

They kept coming. It started to seem funny, so I started keeping them. Here's a photo of the 20 more proxy ballots they sent me:

The ridiculous number of ballots is probably related to this:

On January 31, 2017, the hedge fund Elliott Management Corporation launched a proxy contest against the company. Elliott publicly called for the firing of then CEO, Klaus Kleinfeld citing the company’s lackluster stock performance, missed profit forecasts and inefficient spending.[13] On April 17, 2017, Klaus Kleinfeld resigned as chairman and CEO by mutual agreement with the board of Arconic, after sending an unauthorized letter to Elliott.[14]

Anyone know exactly what happened? I suppose the vote is over now.

#investing

Comments 1 - 2 of 2        Search these comments

1   justme   2017 Jun 1, 5:04pm  

Wow, that's almost as annoying as those shareholder lawsuit mailings where you spend 1hr digging through the materials and records and end up finding out you do not qualify.
Well, it has gotten a bit better now that you can get the materials in electronic form (pdf), but still.

2   Booger   2017 Jun 1, 5:14pm  

I always do those proxy votes. It's easy enough to do online. I do it to vote against executive pay increases, and to vote against any affirmative action board members.

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