Civeo Corporation | Directors Who Fail To Obtain A Majority Vote at Civeo Corporation

Status
Omitted
Previous AGM date
Resolution details
Lead filer
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Filer type
Shareholder
Company HQ country
United States
Resolved clause
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 [sic] shall leave the board as soon as possible but in no case shall such directors serve more than six months on the Board after such failed election. It is important that a vote of rejection by a company’s shareholders should be respected. Civeo’s shareholders often only vote on three issues per year, so it is critical that our company would respect director votes, and not allow directors who fail to achieve a majority of support to remain on the board. If our company accepts shareholder approval of its executive pay, then our company should also be prepared to accept shareholder rejection of a director. Six months is adequate time for Civeo to find a highly qualified replacement director. This proposal will give directors more of an incentive to perform. If Civeo were to underperform in the future, then Civeo shareholders may believe that board refreshment is a way to address underperformance. Civeo shareholder efforts at board refreshment could be thwarted if Civeo can ignore its shareholders when shareholders reject a director. Please vote for this proposal - thank you

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