PLYMOUTH, Mich.–(BUSINESS WIRE)–The Texas Pacific Land Corporation (TPL) Board of Directors has refused to act on an advisory ballot proposal approved by 55.9% of shareholders. Despite the majority vote held on December 29, 2021, to declassify the Board of Directors, the Board has not taken action to do so.
Schwartz Investment Counsel, Inc., on behalf of clients, owns over 74,000 shares of TPL (approximately 1% of the shares outstanding) with a market value more than $96,000,000. Having invested in TPL since 2015, Schwartz Investment Counsel, Inc. is one of TPL’s largest shareholders and believes TPL’s board has a fiduciary obligation to implement the owners’ wishes. Schwartz Investment Counsel, Inc. believes doing so would clearly be in the best interest of the company and all its shareholders.
TPL currently has three classes of board members. If declassified, all directors would be required to stand for re-election yearly. Currently, only one-third of the board members stand for re-election each year. Schwartz Investment Counsel, Inc. is against staggered boards and believes they only serve to entrench board members, which is not in the best interest of all shareholders.
On December 29, 2021, Schwartz Investment Counsel, Inc., along with the majority of shareholders, voted to declassify, which the TPL Board has refused to do. We recommend that other TPL shareholders also encourage the Board to implement the declassification for which we owners have voted.
George P. Schwartz, Chairman & CEO
Schwartz Investment Counsel, Inc.
3 thoughts on “Schwartz Urges Action on Declassification”
See ya in court
So right. There is absolutely no excuse for why this is taking so long, unless they really intend not to do it.
Cook and Epps are clearly bad for governance, and I eagerly await the day later this year when we can vote them out
I don’t disagree, but with the cloud hanging over Dana McFibbers head, we almost didn’t oust him. Not all that confident in getting rid of less well known Russian assets. Errrr.. I meant to write board members and not Russian assets; apologies to Dana, Cookie and Epps for confusing you with people working for a dictatorship bent on personal gain.
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