Gamco's declassification proposal was approved by the shareholders of NATIONAL FUEL GAS CO (NFG)
Key Summary: National Fuel Gas Company ($3.5B market cap) operates in natural gas production and distribution. Gamco proposed spin-offs, board nominations, and declassification of the board between 2014 and 2020, with most proposals rejected by shareholders. At the 2020 AGM, Gamco's proposal to declassify the board was approved by a majority vote.
M. Cap: $3.5 billion | National Fuel Gas Company is an energy company engaged in the production, gathering, transportation, distribution, and marketing of natural gas.
- In September 2014, Gamco (holds 9.16%) submitted a shareholder proposal requesting the board to engage an investment banking firm to effectuate a spin-off of the utility segment, which represents the operations of National Fuel Distribution Corporation, into a separate publicly traded C-corporation. Source
- At the AGM held on March 12, 2015, shareholders rejected Gamco’s proposal. Source
- On November 9, 2016, Gamco (7.81%) delivered a letter to the company nominating Mr. Lance A. Bakrow for election to the Board at the 2017 AGM. Source
- On November 28, 2016, Lance Bakrow informed Gamco that he had decided to withdraw himself as a candidate for Director of National Fuel Gas Company. Gamco stated it would not pursue Proxy Access. Source
- On August 16, 2017, Gamco (7.63%) stated that in light of the upcoming deadline to submit director nominations for consideration at the 2018 Annual Meeting of Shareholders, it was currently evaluating all of its options. Source
- On September 21, 2017, Gamco submitted a proposal to be voted on by the stockholders requesting that the Board of Directors examine and take active steps to participate in the rapidly consolidating natural gas local distribution ("LDC") sector.
- At the AGM held on March 8, 2018, shareholders rejected Gamco’s proposal.
- At the 2019 annual meeting, Gamco withheld its votes from the company’s nominees. On September 11, 2019, Gamco (6.4%) stated that it intended to withhold its votes at the 2020 annual meeting. Further, Gamco stated that it would evaluate all options available to it, including a proposal to declassify the Board. Source
- On September 19, 2019, Gamco requested that the Board undertake the necessary steps to declassify the Board and require that all directors stand for election annually. Source
- On November 18, 2019, Gamco issued a press release commenting on the company’s upcoming 2020 Annual Meeting of Shareholders.
- On March 17, 2020, Gamco issued a press release commenting on the company’s upcoming 2020 Annual Meeting of Shareholders.
- At the AGM held on March 11, 2020, Gamco's declassification proposal received support from a majority of shares voted.
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