Argo
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CEO Mark Watson pledged to make Bermudian digital “from top to bottom”. -
The Bermudian’s proxy battle with Voce cost $7.5mn in additional expenses.
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The Bermudian won the non-binding vote on executive pay, but claimed just 50.3 percent of the vote.
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State regulators in Illinois and Virginia melt the Iron Throne.
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The hedge fund said Tuesday that it was discontinuing a proxy campaign to get five new directors on the board.
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The activist claims Illinois and Virginia state departments ‘flip-flopped’ on proxy statement approvals after lobbying.
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The proxy advisory firm is recommending shareholders vote in favour of two Voce director nominees and for the removal of Argo chairman Gary Woods.
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The planned changes to the company's board size come after feedback from long-term shareholders, the insurer said.
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The advisory firm sees no case for a board sweep-out but criticises elements of Mark Watson's pay.
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A new presentation from Argo outlines its track record and criticises Voce for short-term approach.
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The activist investor upped the ante by pushing for asset sales as well as issuing a $100mn expense save target.
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The revelation of the existence of a penthouse threatens to tarnish the insurer's credibility as it heads into a proxy fight.
Related
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Argo snags Vantage exec Parella as new CCO
January 07, 2025 -
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June 13, 2024