Board considering alternative election procedures, one democratic and one autocratic.

Reported here, the board is struggling with whether proxies will be voted by the president and secretary acting together or by the whole board acting as a group and whether self-nominated candidates will be on the official proxy form or not. A new board packet for the June 2 meeting includes two options, both of which say the whole board will make the voting decisions. Obviously, some informal negotiations have resulted in a consensus on that issue.

Still to be decided is whether self-nominated candidates will be listed on the official proxy and their bios included in the mailing, because there are alternative forms of the proxy document presented to the board for decision. One lists self-nominated candidates and the other does not.  This matters because if self-nominated candidates are not included, they will have virtually no chance of being elected because most shareholders will already have voted before they find out about these alternatives.  If that is what the board decides to do, we can be sure their intention is to deprive us shareholders of meaningful choices.  They will be reelected and will then hand pick successors we don’t know and have never heard of before the incumbents retire.

Which do you want?  The Old Guard running our affairs for the next several years behind the scenes or to pick our own fiduciaries to run our company.  You can express your views at the special board meeting at 11:00 a.m. Thursday, June 2, 2022.  Request Zoom credentials by calling the office at (805) 482-2001or emailing crestviewwater@live.com.

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