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Argo Group International Holdings, Ltd. has revealed what went on during its highly anticipated annual general meeting – including a close fight when it came to the subject of bosses’ remuneration.
According to the specialty insurer’s release, 50.53% voted in favour while 49.47% voted against the non-binding advisory resolution on executive compensation. This was based on preliminary votes.
“We will work with our shareholders to fully understand the concerns that influenced the vote regarding the compensation of our executive officers and are committed to taking the necessary actions to address those concerns,” stated Gary Woods, chairman of Argo’s board, in response to the numbers.
“Our board will carefully consider these results, as well as future shareholder input, in determining executive compensation going forward. We thank our shareholders for their continued feedback and support.”
Meanwhile, based on a preliminary count provided by the Bermuda-headquartered group’s proxy solicitor, shareholders voted to elect all five of Argo’s Class III directors to the board. Final voting tallies from Friday’s annual general meeting are subject to certification by the company’s inspector of elections.
“We appreciate the strong support from our shareholders,” said Woods. “The board and management value the conversations we have had with our shareholders in recent months regarding our strategy, governance, and plans for continuing to create shareholder value.
“We deeply value their perspectives, and we plan to maintain an active and productive dialogue with our shareholders as we continue to integrate their feedback and execute on our strategy.”
In a separate announcement, the global underwriter unveiled a quarterly cash dividend of US$0.31 per share on the firm’s common stock. It will be paid on June 21 to shareholders of record on June 07.
