Argo rejects Voce’s latest attack to highlight governance and compensation review

Argo has reiterated its decision to conduct a review of governance and compensation matters, run by independent directors, in response to activist investor Voce’s latest criticism of the firm.

Voce made various claims in a statement relating to a Securities and Exchange Commission (SEC) investigation at Argo related to executive compensation and benefits and associated disclosure, saying it showed that the company needed to make “urgent changes”.

Earlier this month (8 October), Argo confirmed it would provide information on an independent board review of governance and compensation matters. It also confirmed that it had previously received a subpoena from the US SEC asking for documents regarding the company’s disclosure of certain compensation-related perquisites.

Argo said it “is fully cooperating with the SEC and does not believe that the amounts involved are material to the company’s financial position or results of operations”.

Argo said it is committed to governance practices that support continued value creation for all shareholders, consistent with the company’s announcement on August 8, which disclosed several proposed enhancements to its governance and compensation programmes, including declassification of its board and the reduction of the size of its board.

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