Twitter shareholders voted not to approve Egan Durban’s seat on the social media company’s board of directors at its annual meeting. Durban, co-CEO and managing partner of Silver Lake, was one of two directors to be elected today for a three-year term.
He joined the board in 2020 after his firm agreed to invest $ 1 billion in Twitter.
Shareholder voting is not officially binding on the company, which says the board’s nominee and management committee will decide whether to accept Durban’s resignation.
ISS, an influential research organization that recommends how shareholders vote at annual meetings, recommends voting against Durban, which serves on the boards of more than five publicly traded companies (it lists seven of them, including Twitter and Endeavor). The ISS calls it “overboard”.
“The commitment time required to become an executive board member in a public company has increased in recent years, driven by new regulations, the growing role of the board in risk management and the growing demand for managers to engage with shareholders. Accounting refinancing, unsolicited takeover offers, corporate scandals, data breaches, and executive inheritance crises are among the incidents that could place considerable demands on a director’s attention. It is important that board members have the ability to perform all responsibilities, including responding to such unforeseen events, without compromising their professional and boardroom commitments, ”the ISS said.
Twitter has entered the somewhat surreal corporate realm after agreeing to sell itself for $ 44 billion or $ 54.20 a share to Elon Musk in late April.
Twitter CEO Parag Agarwal told the meeting that Twitter was “working through the process” but could not comment further on the elephant at home due to regulatory issues.
This was Twitter’s pre-arranged annual meeting. It said it would convene a special shareholder meeting, to vote on the date TBD, the sale of the mask.
Shareholders have also approved two proposals from their own positions: asking a company to report its election expenses; And another “secret clause” about the risks of using it, which could be used to cover up harassment and other issues behind the NDAs.
Musk promises less restraint and more freedom of speech if / when he calls it Global Town Square. The Q&A session at the virtual annual meeting included demands for censorship of right-wing voices and calls for greater transparency from both the right and left.