shutterstock_2036841713_andrii-yalanskyi
shutterstock/Andrii Yalanskyi
14 March 2022Insurance

Argo will face new shareholder rebellion at pending AGM

Bermuda-based re/insurer  Argo Group International Holdings will face off against a minority shareholder rebellion at its upcoming annual general meeting (AGM).

Minority shareholders led by Capital Returns Master are seeking to place two independent members to its board of directors, shake up executive compensation and name the next auditor, draft resolutions to the 2022 AGM show.

"In light of the Company’s poor financial and longstanding stock price underperformance under the oversight of the current Board, we strongly believe that the Board could use additional skills and expertise," Capital Returns Master said in a note to fellow shareholders.

The core group behind the resolution lays claim to some 305k shares, just under 0.9% of the outstanding common shares at end-2021.

The group has named industry veterans Ronald Bobman and David Michelson as its candidates to the board, citing "extensive transactional and operational insurance industry experience, critically needed skill sets and a shared objective of enhancing value for the benefit of all Argo shareholders.”

Capital Returns Master will also be voting against management proposals for executive compensation and to appoint EY as independent auditor for the coming year.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
28 April 2022   The re/insurer has retained Goldman Sachs as its financial advisor.
Insurance
15 March 2022   Argo claims it has 'engaged numerous times' with investor behind current proxy bid.
Insurance
7 March 2022   The company’s chairman Thomas Bradley will step in as acting CEO.