Gabi Gliksberg, a long-time shareholder of Texas Pacific Land Corporation, along with ATG Capital Management, announced their plan to vote all shares that they own and advise AGAINST the Board’s recommendations on several proposals for the upcoming annual meeting, currently scheduled for November 16, 2022. In the letter to shareholders released today, Gliksberg explains to shareholders that, in his view, a message must be sent to the Board of directors that legitimate corporate governance must be taken more seriously, and that furthering the best interests of stockholders – not of executives and Board members with minimal shareholdings – must be the top priority. The Board’s proposal to massively increase the number of authorized shares, giving the Board the ability to potentially massively dilute shareholders, is contrary to the best interests of long-term stockholders, he says. In addition, the Board’s reputation of poor corporate governance is perhaps best underscored by its continued insistence on maintaining a stockholder agreement that disenfranchises shareholders, and infringes on their largest shareholder’s fundamental right to vote independently, Gliksberg contends.
Published first on TheFly
