Invitae 2022 annual meeting is June 6, 2022, at 4:00 pm Pacific. It is a virtual-only meeting on the Broadridge platform. Of course, I recommend voting in advance, especially since many companies cut off voting as soon as proposals have been presented. To enhance corporate governance and long-term value, vote Against Eric Aguiar, Sean E. George, Pay: FOR Declassify the Board of Directors.
Invitae Corporation, a medical genetics company, integrates genetic information into mainstream medicine to improve the healthcare of people in the United States, Canada, and internationally. Below, is how I voted and why in short format.
Invitae 2022: ISS Rating
From the Yahoo Finance profile page: Invitae Corporation’s ISS Governance QualityScore as of May 1, 2022, is 6. The pillar scores are Audit: 5; Board: 3; Shareholder Rights: 7; Compensation: 7. Corporate governance scores courtesy of Institutional Shareholder Services (ISS). Scores indicate decile rank relative to index or region. A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk.
Invitae 2022: CorpGov Recommendations
Invitae 2022: Proxy Voting Notes
Declassify the Board
The opposition statement says three-year terms attract and help retain highly qualified directors. That is absurd on its face. Almost 90% of S&P 500 and Fortune 500 companies have adopted this vital reform. Annual elections are widely viewed as a best practice. Most investors believe the annual election of each director makes directors more accountable, thereby improving performance and increasing company value.
Shareholder resolutions on this topic won 16 of 18 votes at companies in 2019, 2020, and 2021, most by a wide margin.
In looking up a few funds in our Shareowner Action Handbook, I see several funds have reported their votes. You can see Calvert’s votes above. NYC pensions voted against both directors and For all other measures.
Issues for Future Proposals
Looking at insightia for anti-shareholder provisions:
- No requirement for an independent Chair
- Shareholders cannot take action by written consent or convene special meetings
- Supermajority requirements
Invitae 2023: Mark Your Calendar
To be considered for inclusion in the Company’s proxy statement for the 2023 annual meeting of stockholders, stockholder proposals must be received by the Secretary of the Company no later than December 22, 2022. Proposals should be sent to our Secretary at Invitae Corporation, 1400 16th Street, San Francisco, California 94103. These proposals also must comply with the stockholder proxy proposal submission rules of the SEC under Rule 14a-8 of the Exchange Act. Proposals we receive after that date will not be included in the proxy statement.