{"id":43828,"date":"2023-09-13T04:17:59","date_gmt":"2023-09-13T08:17:59","guid":{"rendered":"https:\/\/allianceadvisors.org\/case-study-amendment-for-officer-exculpation-shareholder-meeting-advisory-institutional-investor-intelligence-retail-outreach\/"},"modified":"2025-03-17T18:18:51","modified_gmt":"2025-03-17T22:18:51","slug":"officer-exculpation-amendment","status":"publish","type":"post","link":"https:\/\/allianceadvisors.org\/es\/officer-exculpation-amendment\/","title":{"rendered":"Case Study: Amendment for Officer Exculpation. Shareholder Meeting Advisory, Institutional Investor Intelligence, Retail Outreach"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row remove_bottom_col_margin=&raquo;true&raquo;][vc_column]<style>.vcex-heading.vcex_68e44a37bab7d{color:#ffffff;background-color:#393939;}<\/style><h2 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-px-30 wpex-py-30 wpex-text-center vcex_68e44a37bab7d\"><span class=\"vcex-heading-inner wpex-inline-block\">Assignment and Challenges<\/span><\/h2>[\/vc_column][\/vc_row][vc_row css=&raquo;.vc_custom_1682408560766{background-color: #eaeaea !important;}&raquo;][vc_column][vc_column_text css=&raquo;.vc_custom_1694593023131{padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;}&raquo;]A small cap biotechnology company was facing a shareholder vote to amend its certificate of incorporation to allow for officer exculpation provisions. There were two significant obstacles to passing this vote:\n<ol>\n<li>The vote requirement to pass the proposal was 2\/3&rsquo;s of the outstanding shares voting in favor. While this vote requirement is mathematically possible, from a practical standpoint this threshold is rarely achieved.<\/li>\n<li>Complicating matters, Glass Lewis recommended voting against these proposals, so negative votes were present at the start of the solicitation from institutions that follow Glass Lewis recommendations.<\/li>\n<\/ol>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=&raquo;yes&raquo;][vc_column]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div>[\/vc_column][\/vc_row][vc_row equal_height=&raquo;yes&raquo; remove_bottom_col_margin=&raquo;true&raquo; css=&raquo;.vc_custom_1682414370373{margin-bottom: -15px !important;}&raquo;][vc_column]<style>.vcex-heading.vcex_68e44a37bc382{color:#ffffff;background-color:#393939;}<\/style><h2 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-px-30 wpex-py-30 wpex-text-center vcex_68e44a37bc382\"><span class=\"vcex-heading-inner wpex-inline-block\">Solution<\/span><\/h2>[vc_column_text css=&raquo;.vc_custom_1694593041680{padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;background-color: #eaeaea !important;}&raquo; el_class=&raquo;equal-height-content&raquo;]Knowing that this vote would be a challenge, Alliance Advisors brought three internal teams to the solicitation: Shareholder Meeting Advisory, <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Institutional Investor&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A professional investor or organization that invests large sums of money in financial markets...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.org\/es\/glossary-index\/institutional-investor\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/institutional-investor\/\" href=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/institutional-investor\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Institutional Investor<\/a> Intelligence and Retail Outreach.\n<p>At the onset, our Institutional Investor team began identifying all of the financial institutions, custodial relationships, and beneficial shareholders present on the Non-Objecting Beneficial Owners (NOBO) list. Using our proprietary data, Alliance Advisors was able to precisely identify the underlying investors behind each <a class=\"glossaryLink cmtt_Custodian\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Custodian&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A financial institution or bank that holds and safeguards financial assets, such as stocks,...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.org\/es\/glossary-index\/custodian\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/custodian\/\"  href=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/custodian\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>custodian<\/a>.<\/p>\n<p>Once the institutional investors were identified, our <a class=\"glossaryLink cmtt_Institutional Shareholder Engagement\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Shareholder Engagement&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The process of establishing and maintaining communication and relationships between...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/contacto\/&amp;quot;&gt;Contacto&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.org\/es\/glossary-index\/shareholder-engagement\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/shareholder-engagement\/\" href=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/shareholder-engagement\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">shareholder engagement<\/a> team began the outreach process to obtain voting instructions. Simultaneously, our Retail Outreach team began soliciting retail shareholders to facilitate telephone, text and <a class=\"glossaryLink cmtt_Retail Shareholder Solicitation\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Email Voting&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Email Voting is the process by which registered and NOBO shareholders are emailed with specific...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.org\/es\/glossary-index\/email-voting\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/email-voting\/\"  href=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/email-voting\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>email voting<\/a>.<\/p>\n<p>Both groups use a combination of our proprietary text-to-vote, email-to-vote and live <a class=\"glossaryLink cmtt_Retail Shareholder Solicitation\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Telephone Voting&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Telephone Voting is the process by which registered and NOBO shareholders cast their votes over...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.org\/es\/glossary-index\/telephone-voting\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/telephone-voting\/\" href=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/telephone-voting\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">telephone voting<\/a> platforms. These technologies are designed to allow us to gather votes from both the institutional and retail shares, down to the smallest shareholder.[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=&raquo;yes&raquo; remove_bottom_col_margin=&raquo;true&raquo; css=&raquo;.vc_custom_1682414370373{margin-bottom: -15px !important;}&raquo;][vc_column]<style>.vcex-heading.vcex_68e44a37bcc2f{color:#ffffff;background-color:#393939;}<\/style><\/p><h2 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-px-30 wpex-py-30 wpex-text-center vcex_68e44a37bcc2f\"><span class=\"vcex-heading-inner wpex-inline-block\">Results<\/span><\/h2>[vc_column_text css=&raquo;.vc_custom_1742249918526{padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;background-color: #eaeaea !important;}&raquo;]Despite 7% of the outstanding shares voting against the proposal, Alliance Advisors was able to successfully deliver the required vote. A <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Quorum&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The minimum number of shareholders required to be present, either in person or by proxy, to...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/compensation-advisory-case-study\/&amp;quot;&gt;Case Study: Previously, Failed Say on Pay Proposal Compensation Advisory, Shareholder Meeting Advisory&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.org\/es\/apac-power-generation-company\/&amp;quot;&gt;Case Study: EGM &amp;#8211; Shareholder Engagement&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.org\/es\/glossary-index\/quorum\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/quorum\/\"  href=\"https:\/\/allianceadvisors.org\/es\/glossary-index\/quorum\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>quorum<\/a> of 84% of the outstanding shares was achieved with 67% of the outstanding shares voting in favor of the Officer Exculpation Amendment. By designing a campaign that focused on maximizing participation from both institutional and retail shareholders, Alliance Advisors was able to deliver an exceptionally high quorum to overcome the negative votes.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>NASDAQ Listed Small Cap Biotechnology Company<\/p>\n","protected":false},"author":9,"featured_media":39748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[224],"tags":[369,423],"post_series":[],"ppma_author":[459],"class_list":["post-43828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-es","tag-shareholder-meeting-advisory-retail-outreach-es","tag-institutional-investor-intelligence-es","entry","has-media"],"authors":[{"term_id":459,"user_id":9,"is_guest":0,"slug":"nthomas","display_name":"Nick Thomas","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/b13c51d67934aa5957c1ce7fa0b768b9bfe3a377d9d110466cd3131b1c32362a?s=96&d=mm&r=g","author_category":"","first_name":"Nick","last_name":"Thomas","user_url":"https:\/\/www.grid24.co.uk\/","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/posts\/43828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/comments?post=43828"}],"version-history":[{"count":2,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/posts\/43828\/revisions"}],"predecessor-version":[{"id":56576,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/posts\/43828\/revisions\/56576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/media\/39748"}],"wp:attachment":[{"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/media?parent=43828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/categories?post=43828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/tags?post=43828"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/post_series?post=43828"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/allianceadvisors.org\/es\/wp-json\/wp\/v2\/ppma_author?post=43828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}