Shareholder Voting

Elon Musk criticized proxy advisory firms ISS and Glass Lewis, labeling them “corporate terrorists” for influencing shareholder votes, particularly regarding his compensation package. These firms hold significant sway over institutional investors, especially with growing passive investment. Critics, including Musk, worry about their lack of nuance and potential to undermine corporate governance. Proponents argue they provide valuable research for investors lacking resources. The debate underscores a fundamental question about the control of publicly traded companies and the growing role of proxy advisors.

West Coast Community Bancorp announced the results of its annual director election, with shareholders strongly approving management’s slate. High voter turnout (74.41%) and overwhelming support, with percentages ranging from 86.34% to 96.19% for individual directors, signify confidence in the bank’s strategic direction. Shareholders also ratified the appointment of Crowe LLP as the independent auditor with 99.85% approval.