Tod:
I was trying to find some information about a rule for shareholder proposal. However, I could not find it. I think, the statement from Wall Street Word is that a proposal is for action at a forthcoming annual meeting.
I find a link:
iraa.com
In the front page, it says:
""
Investors' Rights
Association of America
Mission Statement
To facilitate communication between the investors, their
fiduciaries and all those involved in assuring a more
competitive America. By providing the playing field and
enforcing a sense of fair play WE can insure the future of
AMERICA'S FREEDOM through strengthening
AMERICA'S ECONOMY.
IRAA Profile
In 1995, IRAA sponsored over sixty shareholder
proposals, making the IRAA the most visibly active
organization in the area of proxy proposals. In 1996,
over 120 proxy resolutions and in 1997 over 80
proposals were submitted by supporters of the IRAA. All
told in less than three years over 250 formal proxy
proposals were submitted to some of the largest and
most influential corporations in the country.
"Time spent becoming active in a worthy cause is worth a
hundred days following that cause" Thomas E. Flanagan,
President IRAA
Contact Information
President, Thomas E. Flanagan
Vice-President, Mary Flanagan
Public Relations Director, Vikram Kochar
Research Director, Andrew Spieler
Chief Editor, Cindy Wedell Youngs
Telephone
516-799-5571 Thomas E. Flanagan
Postal address
366 North Broadway, Suite 410 Jericho, New
York 11753
Electronic mail
Feedback Form: Feedback
General Contact: iraa@iraa.com
Investor's Rights Association of America
""
More details list some major corporations that IRAA did proposals to for its clients.
From MT's post, it seems that our company told us that "Do not submit any proposal for this annual meeting." Certainly, BNGO was nervous about it. I believe that this statement is not suitable for shareholder rights. I am not going to say that it is wrong since I do not find the rules for proposals. A couple of months ago, CNBC reported that a lady of a large shareholder fought with management team. I do not know what the result was. IRAA mentions some resolutions from its proposals.
I think, we have the right to make proposals no matter what our company told us not to do that. It is our right to tell our company what is right thing to do in our opinions. If it is too late for this meeting, it will not be too late for next meeting. New CEO could take an action in next quarter or so based on our proposal. I see that some 10k includes changes in certain part. I still think, it is good for us to submit our proposals. We should have our voices in our company.
Of course, it is better to submit it at the annual meeting, but who will attend the meeting? Not sure so far.
One of other worries is that the agreement for Corky works same way as that for Wilson. Some posts mention that Corky is still around. It will be too late when we realize Corky and Wilson are working for the company under same agreements.
Besides, I think, proposals are good for the company and shareholders. For the short term, it is only not so good for Wilson and maybe Corky too. This won't cost anything for the company and actually will save some for the company. The current agreements for Wilson and Corky might take a few cents from the annual earning.
A proposal might not work this time, but it will affect sometime later. We do the right things for our company and ourselves.
Sam
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