Cook Commits to Term Limit

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Texas Pacific Land Trust Trustee Nominee General Don Cook Commits to Limited Term if Elected

“TPL’s founding document dictates that its trustees serve without a specified term, and that is one of multiple factors the Trustees need to consider in determining any future changes to TPL’s governance structure. If elected to serve as TPL’s next Trustee, I would serve as a change agent, bringing deep expertise in corporate governance to help in that process.

“If elected, I commit to resigning as a Trustee after no more than three years, at which point I would stand for reelection if I am renominated, creating the opportunity for shareholders to weigh in on my performance. Three years is enough time to carefully evaluate and begin to implement changes to TPL’s governance.”

Step in the right direction but I think we need to see the current Trustees make the same pledge before this has any teeth. Otherwise, if Cook is elected, we’re back in the same spot in 3 years.

This all brings more questions than answers:

  • Why would General Cook agree to this term concession while the current Trustees have made no such commitment?
  • Is all of this worth $300k to General Cook?  He’s got nothing better to do than to engage in low probability contest to become the foil to a large cohort of shareholders that just want fair representation?
  • Is 3 years a long enough term to effect change?  Would he be powerless if elected on other terms aren’t changed?

 

9 thoughts on “Cook Commits to Term Limit”

  2. This smells like desperation to me. They have real time analysis of the proxies and i think they are in trouble. This is not like a buying a ETF where vanguard and blackstone and fido have all the shares this is sophisticated individual investors that have bought into the dream of owning hard assets in the biggest oilfield in the world ultimately owning more as the trust buys in shares. Their campaign is just pissing shareholders off. I received 8 first class mail letters today from TPL denigrating their longtime 25% shareholders. How much does that cost me?

    Ultimately I think TPL will either come to the table and make a deal or they will just ignore Eric oliver if he is elected under the current system.

    Btw – I have never been successful in a career path but I have been very successful as an investor. I have learned that no company is too cheap if they are poorly managed. And i am beginning to think that TPL is poorly managed and have questioned my commitment to what I believe is unique when our president just asked for a 1% decrease in the federal funds and more money printing.

    I will walk away if the current management continues to show that it is amateur hour

    Liked by 2 people

  3. Sound like a politician capturing a sound bite to help his case. How many politicians fulfill their promises after being elected.?

    Liked by 1 person

  5. Exactly right. Except for Meyer, the Trustees and execs have never been large shareholders. If things are as great as they claim then prove it by becoming owners.

    Liked by 2 people

  7. Wow….what an empty campaign promise. So easy to make a “committment” if elected. Some highly paid proxy strategist came up with this meaningless move as a clever distraction from real issues.

    Pay no attention to the lack of meaningful share ownership by officers and directors, the lack of transparency before the directors fight began, the mission creep of TPL to not retire as many shares as in the past, conflicts of interest, questionable pay practices, and the good general with no O&G experience. Or this meaningless media PR war tone deaf TPL management started which we are paying for with less shares being retired as a result.

    I think this move is due to their exit polling showing they are in deep trouble. Wouldn’t be surprised to see a few more “campaign promises” come our way in the final 22 days.

    Liked by 2 people

  8. I am all in!!! Great idea!!! especially for the gang of two existing trustees..you know, the self interested crew that could not find a competent oilman in Texas…..at this juncture after all that has transpired, they all need to go. Voted with group go 12 other holders across the US-all for OLIVER

    Ted’s description of them being Tone Deaf is spot on….they’ve shown a complete interest in themselves, not unit holders. I own more units than the two plus Cook, and am now against all of them.
    And as for Mission…I’ll throw them under the bus too…if they can’t understand the benefits of a c-corp, they are massively underinformed…..just the demand if we were indexed!!!and more substantive issues inuring to the benefit of unit holders/shareholders

    Liked by 2 people

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