Sanmina Corporation | SPECIAL SHAREHOLDER MEETING IMPROVEMENT at Sanmina Corporation

Status
Filed
AGM date
Previous AGM date
Proposal number
5
Resolution details
Company ticker
NASDAQ: SANM
Lead filer
Individual
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Resolved clause
Shareholders ask our Board of Directors to take the steps necessary to amend the appropriate company governing documents to give the owners of a combined 10% of our outstanding common stock the power to call a special shareholder meeting or the owners of the lowest percentage of shareholders, as governed by state law, the power to call a special shareholder meeting.
Supporting statement
Currently Sanmina Corporation shareholders can only call a special shareholder meeting if all the Sanmina directors are dead and/or have otherwise left the Board.
A shareholder right to call for a special shareholder meeting, as called for in this proposal, can help make shareholder engagement meaningful. A shareholder right to call for a special shareholder meeting will help ensure that management engages with shareholders in good faith because shareholders will have a viable Plan B by calling for a special shareholder meeting.
A shareholder right to call for a special shareholder meeting can incentivize Sanmina directors to be more careful in setting management pay. Sanmina management pay was rejected by more than 20% of shares in 2024. A 5% rejection is the norm for many well performing companies.
With the widespread use of online shareholder meetings it is much easier for management to conduct a special shareholder meeting for important issues and Sanmina bylaws thus need to be updated accordingly.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.