“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?