My first effort to record a video on corporate governance is about my proxy access proposal, now being voted on at Reeds Inc. (REED). The video below explains Reeds’ great potential and why I submitted a 2013 shareholder proposal to allow shareholders proxy access for up to two director nominees.
Did you know 40% of our Board members own NO stock in our company or that directors are expected to show up for 10 Board meetings a year (plus various committee meetings) but are paid as little as $750 for their service? For that kind of work, with such little financial reward, what is their motive? Are they really meeting their fiduciary duty?
Learn more about the proposal at Reeds Inc. (REED): The Case for Proxy Access & How I Voted. Read the Proxy. Read the Preliminary Proxy, when they thought a good argument against proxy access was
Under this proposal, a special interest group could elect a board member who has no holdings of Reed’s stock at all.
Then thy realized two out of the current five board members don’t own any stock either. Oops. Join in the discussions on Yahoo! Finance and Sharegate.com. The annual meeting is December 20, 2013. According to ProxyVote.com,
Internet voting is accepted up to 11:59 p.m. (ET) the day before the meeting/cut off date.
So, be safe, not sorry. Vote soon. Still have questions about the proxy at Reeds Inc? Email me; unlike Reeds, I’ll write back.