Reliance Inc. | Directors Who Fail To Obtain A Majority Vote at Reliance Inc.

Status
Filed
Previous AGM date
Resolution details
Lead filer
John Chevedden
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company HQ country
United States
Resolved clause
RESOLVED : Shareholders request that the Board of Directors take the necessary steps to ensure that directors who fail to obtain a majority vote in a future uncontested shall leave the board as soon as possible but in no case shall such directors serve more than 9-months on the Board after such failed election.
Supporting statement
A vote of rejection by Reliance shareholders needs to be respected. Reliance shareholders often only vote on 3 items a year. The least that Reliance can do is to respect all 3 votes. If Reliance accepts shareholder approval of executive pay then Reliance should be prepared to accept shareholder rejection of a director. 9-months is adequate time for the Reliance to find a highly qualified replacement director. This proposal will give Reliance directors more of an incentive to perform. Now is a good time to improve shareholder oversight of the Reliance. Reliance stock was down 5% year over year in late 2025 despite a robust stock market.

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