Keep in mind I'm just a passerby on STK initally drawn to the chatroom by my strong corporate governance bent and your activism. I hope others with other companies learn from your example and realize that shareholders are indeed the "owners" and are not totally powerless, though most act like they are.
What would it cost you to vote for my proposal as opposed to siting back and doing nothing.
What is important is the number of people that vote and the percentage of the total number of stockholders. If all of the 8 fundmanagers vote with management that would represent approximately 85% of the outstanding stock. But if 60 or 70% of the individual stockholders vote for my it will send a strong message to management.
make a big difference in which way I vote, but it sounds like you have more of a long term interest in the company then the present board. I don't know what to say other than good luck with your campaign. I hope the board has more than just their own interest in mind when running this company.
The reason is that STK's By-laws do not permit "CUMULATIVE VOTING. In order to invoke cumulative voting you must first change the By-laws.
We can not get rid of one board member do you really think that you can get the By-laws changed to permit cumulative voting without the support of the fund managers.
Why don't you consider voting for my stockholder proposal. If I get enough votes it may get the attention of these bozos and then we may get some meaningful change. It is a lot better than bitching and doing nothing.
I mistakenly was looking at another company's proxy which allowed it.
I think in Delaware it would require a change to both the bylaws and inc. cert. Your proposal is interesting. There is value in forcing focus and STK has been very successful when required to do this in the past. Still, I think this will not get institutional support and institutions are very inclined to support things such as poison pill removal and cumulative voting proposals. These might be opportunities if you are not successful with this proposal.