Legacy of Lateness

Recent history of TPL shareholder meetings:

2019 meeting – Cancelled

2020 meeting – Omitted

2021 meeting – Late

2022 meeting – On schedule to be finalized in 2023

Probably only a short time until the proxy voting services pick up on this trend and start to penalize ALL board members for it. Might be a difficult position for the members that sit on multiple boards.

4 thoughts on “Legacy of Lateness

  1. Does anyone know how the actual mechanics of the vote counting work? I assume the phone and digital votes are not counted by TPL, but by the third party proxy service?

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  2. Some other legacy “features” of TPL management in the timeliness department.

    You get your annual report for the previous year in November, when there are 3 quarters of the current year already out.

    Election results shared a considerable time after the election.

    If we are “losing” an election on something we find to be important, (Oliver vs Cook director election, proposal #4), we will simply blow up the process by any means we can find.

    Unlike many companies that also offer a virtual shareholder meeting, they only have done once for Covid reasons.

    If a director gets voted out, it can take months for this to be shared on when they are officially removed.

    Delay, obfuscation, and lack of transparency we provide for you pesky shareholders. It may be your company as shareholders, but we are management used to doing what we want.

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  3. In addition to this sad track record on governance matters, another issue that deserves attention is the procedural way how the decisions are made about the “Board’s Recommendation” for any items that appear on the proxy for voting. Take Proposal 4… was this item able to be presented on the proxy as the Board’s Recommendation based solely on the majority of the Board members (at least 6 of the 10) thinking it was a good idea? Clearly Stahl and Oliver would not have recommended it, so it was a total slap in their face that it was presented as a Board Recommendation.
    Considering the balance of power on the Board, is there anyone else who sides with Stahl and Oliver? I remember they were part of the press release endorsing the assignment of Best and Kurz to the Board, but I wonder which side these newest members are aligned with.

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