Ancora Advisors is urging biorefining company Green Plains to declassify its board, hinting that the activist will seek board representation unless this and other governance changes are made.

“With important deadlines and decisions looming for the company’s 2022 annual meeting, we are writing to you today to express our thoughts on how a proxy contest can perhaps be avoided,” Ancora CEO Fred DiSanto said in a Monday letter to the board.

“The board now has an opportunity to demonstrate to shareholders a real commitment to meaningful governance enhancements by taking the steps required to declassify the board at the 2022 annual meeting,” he added.

Green Plains has been unwilling to work with Ancora to appoint a shareholder representative to the board, according to DiSanto.

The 7.1% shareholder accused Green Plains of having poor corporate governance practices and a stale board for “many years.” Ancora believes a shareholder representative would provide “valuable perspectives” to the boardroom.

After Ancora filed a 13D in August, Green Plains approved changes to the board’s leadership structure and amended corporate governance guidelines. On January 4, the company made three executive leadership appointments. Kimberly Wagner, chair of the nominating and governance committee at Green Plains, said the intention of the changes were “to enhance accountability and strengthen shareholder rights,” in a September press release.

However, DiSanto labelled these amendments as “‘window dressing’ changes that fail to truly strengthen shareholder rights and promote accountability at Green Plains.”

In June 2020, Activist Insight Vulnerability highlighted that Green Plains was in the 98th percentile of companies vulnerable to activism. The report said, among other things, that an activist could demand a board refreshment given the board’s average tenure of 10 years.

Shares in Green Plains were up 1.6% at $32.94 per share as of 1:43 p.m. EST Tuesday.