Twitter Stockholders Vote Against Board Member Egon Durban At Annual Meeting; CEO Parag Agrawal Mum On Musk Deal
deadline.comShareholders of Twitter voted not to approve Egon Durban’s seat on the social media company’s board of directors at its annual meeting.
Durban, the co-CEO and managing partner of Silver Lake, was one of two directors up for election today for a three-year term.He joined the board in 2020 after his firm agreed to invest $1 billion in Twitter.Shareholder votes are not officially binding on the company, which said that the board’s nominating and governance committees would decide whether or not to accept Durban’s resignation.ISS, an influential research firm that recommends how shareholders vote at annual meetings, had recommended a vote against Durban, who serves on the boards of more than five publicly traded companies (it lists seven including Twitter, Endeavor among them).
ISS calls that being “overboarded.”“The time commitment required to be an effective board member at a public company has increased in recent years, driven by new regulations, boards’ increasing role in risk oversight, and rising demands for directors to engage with shareholders.
Accounting restatements, unsolicited takeover offers, corporate scandals, data breaches and executive succession crises are among the events that can place considerable claims on a director’s attention.
Read more on deadline.com
