On Thursday, May 31 at 3:00 p.m. ET, Glass Lewis held a Proxy Talk conference call with AOL Inc. AOL believes that the incumbent board has the strength, diversity, experience and qualifications to provide effective and independent oversight and direction to the Company and that the loss of its directors would be harmful to the Company. The AOL Inc. annual meeting is June 14, 2012.
DESCRIPTION:
Starboard is seeking to convince fellow shareholders to remove three out of eight AOL directors who are up for election at this year’s annual meeting, Mr. Alberto Ibargüen, Ms. Patricia Mitchell, and Mr. James Stengel. In their place, Starboard has proposed electing its co-founder and CEO, Jeffrey Smith as well as two other nominees: Mr. Dennis Miller, and Mr. James Warner.
AOL believes the dissident slate does not have a long-term strategy or relevant industry experience. AOL’s representatives will explain why in their view the current board and management have the right strategy to maximize shareholder value and why they feel removing any of the incumbent directors from the board would put AOL’s future at risk.
Glass Lewis will ask representatives from AOL about their plans for the company if the incumbent directors are re-elected and why they feel they do not need new directors on the board.
To listen to a recording of this talk, click here.