FIRST SOLAR, INC. | Adopt special shareholder meeting at FIRST SOLAR, INC.

Status
AGM passed
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
FSLR
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
Company sector
Technology
Company HQ country
United States
Resolved clause
Shareholders ask our Board of Directors to remove the current provision that considers the voice of certain First Solar shareholders as non-shareholders. Currently all shares not held for one continuous year are considered non shareholders when they seek to call for a special shareholder meeting on an important matter.
Supporting statement
Shareholders ask our Board of Directors to remove the current provision that considers the voice of certain First Solar shareholders as non-shareholders. Currently all shares not held for one continuous year are considered non shareholders when they seek to call for a special shareholder meeting on an important matter.

The current one-year exclusion for all shares held for less than one continuous year makes the current so-called shareholder right to call for a special shareholder meeting next to useless. There is no point to have useless right on the books of First Solar.

The reason to enable all shareholders to call for a special shareholder meeting is to allow one shareholder or a group of shareholders to quickly acquire more First Solar shares to equal the challenging 25% share ownership requirement of all shares outstanding to call for a special shareholder meeting when there is an urgent matter to consider in order to incentivize a turnaround of First Solar or adopt a new strategy.

If First Solar is in an emergency situation or needs to adopt a new strategy, no First Solar shareholder will even take step one to consider acquiring more shares in order to call for a special shareholders meeting, if they have wait one year to call for a special shareholder meeting. A one-year holding period makes no sense when a response to an emergency must wait a full year to take the first step of calling for a special shareholder meeting.

There is no universal maxim that the best concepts for turning around a company or adopting a new strategy can only come from existing shareholders.

The fact that one shareholder or a group of shareholders can quickly acquire more shares to call for a special shareholder meeting is an incentive for the First Solar Board of Directors to avoid such an emergency situation in the first place since the continued service of certain First Solar Directors could be terminated by a special shareholder meeting. This is a good incentive for the First Solar Directors to have for the benefit of all shareholders.

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