{"id":47181,"date":"2024-07-08T10:30:04","date_gmt":"2024-07-08T14:30:04","guid":{"rendered":"https:\/\/allianceadvisors.com\/case-study-insurance-company-under-attack-by-a-serial-activist\/"},"modified":"2025-03-17T15:29:34","modified_gmt":"2025-03-17T19:29:34","slug":"case-study-insurance-company-under-attack-by-a-serial-activist","status":"publish","type":"post","link":"https:\/\/allianceadvisors.com\/zh-hans\/case-study-insurance-company-under-attack-by-a-serial-activist\/","title":{"rendered":"Case Study: Insurance Company Under Attack by a Serial Activist."},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column]<style>.vcex-heading.vcex_68e453f220fe0{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_68e453f220fe0\"><span class=\"vcex-heading-inner wpex-inline-block\">Assignment and Challenges<\/span><\/h2>[\/vc_column][\/vc_row][vc_row css=&rdquo;.vc_custom_1682408560766{background-color: #eaeaea !important;}&rdquo;][vc_column][vc_column_text css=&rdquo;.vc_custom_1720448800347{padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;}&rdquo;]A $70 million market capitalization insurance company was surprised to find a serial <a class=\"glossaryLink cmtt_Activist Shareholder Campaign\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Activist Investor&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Activist Investor is an individual or group of investors who seek to influence the strategic...&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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/activist-investor\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/activist-investor\/\" href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/activist-investor\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">activist investor<\/a>, disclosed ownership of 9.5% of the Company&rsquo;s outstanding common stock. The activist announced that it believed the Company&rsquo;s management had done an ineffective job of maximizing shareholder value.\n<p>Four months later the activist&rsquo;s stake increased to approximately 10% of the shares outstanding and they confirmed their desire to effectuate change at the Company. To this end, the activist filed a <a class=\"glossaryLink cmtt_Proxy Solicitation\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Proxy Statement&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A Proxy Statement is a document filed with regulatory authorities, such as the Securities and...&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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/proxy-statement\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/proxy-statement\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/proxy-statement\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>proxy statement<\/a> nominating its managing member for election as a director at the Company&rsquo;s Annual Meeting. Moreover, the activist urged the Company&rsquo;s shareholders to vote against the Company&rsquo;s <a class=\"glossaryLink cmtt_&#8220;Say on Pay&#8221; provisions\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Advisory Vote&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A type of vote that is non-binding and serves as a recommendation or expression of shareholder...&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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/advisory-vote\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/advisory-vote\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/advisory-vote\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>advisory vote<\/a> to approve the compensation of the Company&rsquo;s named executive officers (Say-on-Pay).<\/p>\n<p>The Company opposed the activist&rsquo;s nomination and the Board unanimously recommended that shareholders vote &ldquo;FOR&rdquo; the election of the company&rsquo;s director nominees because the Board did not believe the activist possessed experience and expertise that would be additive as a director. As such, the Board maintained that the election of the activist would not be in the best interests of all shareholders.<\/p>\n<p>Alliance Advisors was called in to help turn back the activist and approve the Shareholder <a class=\"glossaryLink cmtt_Virtual Shareholder Meetings cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Meeting Agenda&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Meeting Agenda is a structured outline of topics and activities to be covered during a virtual...&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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/meeting-agenda\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/meeting-agenda\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/meeting-agenda\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>Meeting agenda<\/a>.[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=&rdquo;yes&rdquo;][vc_column]<\/p><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div>[\/vc_column][\/vc_row][vc_row equal_height=&rdquo;yes&rdquo; remove_bottom_col_margin=&rdquo;true&rdquo; css=&rdquo;.vc_custom_1718811828321{margin-bottom: -15px !important;}&rdquo;][vc_column]<style>.vcex-heading.vcex_68e453f221f91{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_68e453f221f91\"><span class=\"vcex-heading-inner wpex-inline-block\">Solution<\/span><\/h2>[vc_column_text css=&rdquo;.vc_custom_1736803564503{padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;background-color: #eaeaea !important;}&rdquo; el_class=&rdquo;equal-height-content&rdquo;]Alliance Advisors utilized its broad suite of services to create a streamlined process for ensuring a successful outcome. Alliance&rsquo;s activism advisory team provides companies with the guidance and support required to confidently navigate any activist scenario. The team consists of professionals with expertise in the following key areas which were all critical to this situation:\n<p><strong>Ownership Intelligence:<\/strong> Our OI specialists provided accurate and actionable analysis of the Company&rsquo;s institutional &amp; retail <a href=\"https:\/\/allianceadvisors.com\/zh-hans\/%e6%8a%95%e7%a5%a8%e5%be%81%e9%9b%86%e5%92%8c%e8%82%a1%e4%b8%9c%e5%8f%82%e4%b8%8e\/\">shareholder<\/a> base. Using our proprietary database, we can identify institutions behind the custodians with 96% + accuracy.<\/p>\n<p><strong>Shareholder Meeting Advisory:<\/strong> Our Activism Advisory team provided commentary on solicitation materials, investor messaging, to ensure that stakeholders would easily digest the Company&rsquo;s communications and support the Board&rsquo;s recommendations.<\/p>\n<p>We prepared and guided the Company in the lead up to, and throughout, the solicitation period ensuring that executives and the Board were aware of key milestones, action items, and shareholder votes.<\/p>\n<p><strong><a class=\"glossaryLink cmtt_Proxy Logistics\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Proxy Logistics&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The process of managing the distribution, collection, and tabulation of proxy materials and...&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.com\/zh-hans\/%e4%bb%a3%e7%90%86%e5%90%8e%e5%8b%a4%e5%92%8c%e8%99%9a%e6%8b%9f%e8%82%a1%e4%b8%9c%e4%bc%9a%e8%ae%ae\/&amp;quot;&gt;&#20195;&#29702;&#21518;&#21220;&#21644;&#34394;&#25311;&#32929;&#19996;&#20250;&#35758;&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/zh-hans\/%e8%81%94%e7%b3%bb%e6%96%b9%e5%bc%8f\/&amp;quot;&gt;&#32852;&#31995;&#26041;&#24335;&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/proxy-logistics\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/proxy-logistics\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/proxy-logistics\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>Proxy Logistics<\/a>:<\/strong> Once the communications and <a href=\"https:\/\/allianceadvisors.com\/zh-hans\/%e6%8a%95%e7%a5%a8%e5%be%81%e9%9b%86%e5%92%8c%e8%82%a1%e4%b8%9c%e5%8f%82%e4%b8%8e\/\">shareholder meeting<\/a> materials were finalized our team coordinated the composition, typesetting, printing mailing and filing of documents. By keeping these functions in house, we can complete them faster than traditional suppliers such as Broadridge.<\/p>\n<p><strong><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.com\/zh-hans\/%e8%81%94%e7%b3%bb%e6%96%b9%e5%bc%8f\/&amp;quot;&gt;&#32852;&#31995;&#26041;&#24335;&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/shareholder-engagement\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/shareholder-engagement\/\" href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/shareholder-engagement\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Shareholder Engagement<\/a>\/<a class=\"glossaryLink cmtt_Corporate Governance Advisory\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Corporate Governance&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The system of rules, practices, processes, and structures by which a company is directed and...&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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/corporate-governance\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/corporate-governance\/\" href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/corporate-governance\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Corporate Governance<\/a>:<\/strong> Using data from OI we worked to identify how many shares the activist could anticipate support from, before contacting institutional investors to secure their support for management. The Alliance Advisors team then leveraged its extensive relationship with <a class=\"glossaryLink cmtt_Institutional Shareholder\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Stewardship&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The responsible and active oversight of investment holdings by institutional shareholders 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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/stewardship\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/stewardship\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/stewardship\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>stewardship<\/a> teams and PMs at institutional investors and the <a href=\"https:\/\/allianceadvisors.com\/zh-hans\/%e4%bb%a3%e7%90%86%e5%90%8e%e5%8b%a4%e5%92%8c%e8%99%9a%e6%8b%9f%e8%82%a1%e4%b8%9c%e4%bc%9a%e8%ae%ae\/\">proxy advisory firms<\/a> to secure support from influential asset managers.<\/p>\n<p><strong>Retail Outreach:<\/strong> We contact registered and NOBO shareholders to secure votes for management. These shareholders overwhelmingly support management and frequently these votes can tip the vote for management in a close contest.[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=&rdquo;yes&rdquo; remove_bottom_col_margin=&rdquo;true&rdquo; css=&rdquo;.vc_custom_1682414370373{margin-bottom: -15px !important;}&rdquo;][vc_column]<style>.vcex-heading.vcex_68e453f2226dd{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_68e453f2226dd\"><span class=\"vcex-heading-inner wpex-inline-block\">Results<\/span><\/h2>[vc_column_text css=&rdquo;.vc_custom_1736803400082{padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;background-color: #eaeaea !important;}&rdquo;]Despite the activist&rsquo;s efforts, the Company received strong shareholder support at its Annual Meeting and can now focus on key business objectives.\n<p>The voting results speak for themselves and demonstrate strong <a href=\"https:\/\/allianceadvisors.com\/zh-hans\/%e6%8a%95%e7%a5%a8%e5%be%81%e9%9b%86%e5%92%8c%e8%82%a1%e4%b8%9c%e5%8f%82%e4%b8%8e\/\">shareholder<\/a> support for the Company&rsquo;s <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Agenda&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A structured outline of topics and activities to be covered during an AGM or EGM, including...&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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/agenda\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/agenda\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/agenda\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>agenda<\/a>. Each Company nominated director received support from at least 96% of shares cast and over 96% of shares cast voted <strong>FOR<\/strong> Say-on-Pay. The sheer volume of supportive voting further illustrates the Company&rsquo;s 2024 Annual Meeting voting success &ndash; over 56% of shares outstanding voted FOR each of the Company&rsquo;s proposals which meant that despite the prolonged contested solicitation, the Company achieved <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.com\/zh-hans\/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.com\/zh-hans\/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.com\/zh-hans\/glossary-index\/quorum\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/quorum\/\"  href=\"https:\/\/allianceadvisors.com\/zh-hans\/glossary-index\/quorum\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>quorum<\/a> on its own card without adjourning the meeting or having to rely on any voting from the dissident.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"<p><span style=\"color: #ffffff\";>A $70 million market capitalization insurance company was surprised to find a serial activist investor.<\/span><\/p>\n","protected":false},"author":9,"featured_media":47237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[223],"tags":[477],"post_series":[],"ppma_author":[459],"class_list":["post-47181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-zh-hans","tag-activism-zh-hans","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.com\/zh-hans\/wp-json\/wp\/v2\/posts\/47181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=47181"}],"version-history":[{"count":5,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/posts\/47181\/revisions"}],"predecessor-version":[{"id":56482,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/posts\/47181\/revisions\/56482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/media\/47237"}],"wp:attachment":[{"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=47181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=47181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=47181"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/post_series?post=47181"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/allianceadvisors.com\/zh-hans\/wp-json\/wp\/v2\/ppma_author?post=47181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}