Today's proxy fights area ll about performance, whether they emanate from activists, destabilisers, unions or gadflies
Like so much else in life, the annual proxy round has become a more complicated affair over recent years. Time was when proxy fights were launched by corporate raiders, governance boffins or socio-political banner-wavers and gadflies. In each case the motives were distinct.
The raiders were fighting for control; the activists were fighting over issues like staggered boards, confidential voting or poison pills; and the banner-wavers and gadflies were gunning for political causes (South Africa,
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