A big investor in Banc of California is proposing that the Irvine company adopt majority rather than plurality voting for the election of directors.
PL Capital, which is
"A majority voting standard would give Banc of California stockholders a real say in the election of directors," Richard Lashley, a PL Capital principal, said in a press release issued last week. "In our view, and in the view of most corporate governance experts, the majority voting standard is the best method to elect corporate directors."
-
Banc of California bulked up quickly in the aftermath of the financial crisis, first through acquisitions and now with organic growth. CEO Steven Sugarman discusses how his bank manages its exposure while preparing to cross an important regulatory threshold.
May 5 -
Banc of California in Irvine is expanding its commercial bank by starting units specializing in health care, municipals and nonprofit banking.
April 20 -
An activist investor has called on the lead director of Banc of California in Irvine to disclose details about Chairman and Chief Executive Steven Sugarman's involvement in an investment fund that violated securities laws.
December 7
More than 80% of companies in the S&P 500 index use majority voting, the release claimed.
PL Capital, one of Banc of California's biggest shareholders, with a 5.9% stake, has battled it in the past. In December it requested that the company's lead director
Banc of California's annual meeting is set for Friday.