Earlier (below) we highlighted these troubling trends at our blog, including how one company, KSW, Inc., actually disenfranchised shareholders by recently approving a bylaw amendment that limits all nominations to 5%/one-year investors. It seeks to use this recent amendment to exclude a proposed proxy access amendment from a shareholder, Furlong Financial. Before the proposed amendment, KSW had no such restrictions. Interestingly, KSW's new bylaw amendment made no mention of proxy access.
Today, KSW disclosed a revision to its new bylaw amendment. The bylaws, as re-amended, now provide for proxy access. Yet, they also include the same restrictions on nominations as before.
Take a look at the re-revised bylaws, and see if you agree that the bylaws now allow only 5%/one-year shareholders to nominate director candidates.
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