Specialty re/insurer Argo says its shareholders have voted to re-elect all five of its Board Directors.
Voce Capital Management, who for the past few months has been locked in a bitter exchange with Argo, had previously withdrawn its own Board nominees amid accusations of underhand tactics.
“We appreciate the strong support from our shareholders,” said Gary Woods, Chairman of the Board.
“The Board and management value the conversations we have had with our shareholders in recent months regarding our strategy, governance, and plans for continuing to create shareholder value.”
“We deeply value their perspectives, and we plan to maintain an active and productive dialogue with our shareholders as we continue to integrate their feedback and execute on our strategy.”
Interestingly, based on preliminary votes, shareholders were closely divided on the issue of executive compensation, voting 50.53% in favour and 49.47% against.
Voce has for the duration of this campaign accused Argo’s Chief Executive Officer, Mark E. Watson III of perpetuating “shockingly high and shockingly inappropriate” corporate expenses over the last decade.
“We will work with our shareholders to fully understand the concerns that influenced the vote regarding the compensation of our executive officers and are committed to taking the necessary actions to address those concerns,” added Woods.
“Our Board will carefully consider these results, as well as future shareholder input, in determining executive compensation going forward. We thank our shareholders for their continued feedback and support.”
