On November 3, 2017, hydroelectric developer Synex International Inc. held its Annual General Meeting of Shareholders at which all nominees to the Board of Directors proposed by management were elected.
Previously, as a response to concerns raised by a minority shareholder, the Board created a Special Committee of three independent directors for the purpose of ensuring that any action taken regarding his concerns was in the best interests of the company and was fair and equitable to all shareholders. On September 29, 2017, the Special Committee met with the shareholder and left the meeting believing they could work with him to address his concerns.
On October 3, 2017, the minority shareholder announced his intention to run a slate of his own hand-picked candidates to replace the Board of Directors of the company at its upcoming AGM. After careful consideration of the issues, the Special Committee unanimously recommended that Synex shareholders vote only for the management nominees. Subsequently, leading independent governance and proxy advisory firm Glass Lewis & Co. also recommended that Synex shareholders vote for the management nominees.
Miller Thomson advised the Special Committee throughout this process with a team that included Kevin Sorochan, Geoff Clarke, Jonathan Tong and Erika Lai.