This article was first published on Insightia’s Voting module on July 13, 2022. For more information about the product, click here.
The reelection of Box directors Dan Levin and Bethany Mayer faced significant shareholder dissent at the U.S. file sharing company’s July 14 annual meeting.
Levin and Mayer faced 31.6% and 29.6% opposition, respectively, according to Insightia’s Voting module.
TKP Investments and Legal & General Investment Management (LGIM) were among the many which voted against the pair, citing the board’s failure to put an end to its classified board structure “which adversely impacts shareholder rights.”
Levin and Mayer were the only Box directors up for reelection, following the death of reelection candidate Kim Hammonds at the beginning of July.
The July 14 meeting was the first since Box’s landmark victory in its proxy contest with Starboard Value in September 2021, the activist investor’s first defeat in nine years.
Following the results of the meeting, Box’s share price has risen marginally to $26.80 per share as of Monday’s close.