Argo will face new shareholder rebellion at pending AGM
Bermuda-based re/insurer Argo Group International Holdings will face off against a minority shareholder rebellion at its upcoming annual general meeting (AGM).
Minority shareholders led by Capital Returns Master are seeking to place two independent members to its board of directors, shake up executive compensation and name the next auditor, draft resolutions to the 2022 AGM show.
"In light of the Company’s poor financial and longstanding stock price underperformance under the oversight of the current Board, we strongly believe that the Board could use additional skills and expertise," Capital Returns Master said in a note to fellow shareholders.
The core group behind the resolution lays claim to some 305k shares, just under 0.9% of the outstanding common shares at end-2021.
The group has named industry veterans Ronald Bobman and David Michelson as its candidates to the board, citing "extensive transactional and operational insurance industry experience, critically needed skill sets and a shared objective of enhancing value for the benefit of all Argo shareholders.”
Capital Returns Master will also be voting against management proposals for executive compensation and to appoint EY as independent auditor for the coming year.
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