First Proxy Access Nominee Rejected
GAMCO Asset Management Inc. made the news when it became the first to submit a nominee for National Fuel Gas’ board of directors using a proxy access by-law.
National Fuel Gas has now rejected the nominee because the nomination, in National Fuel Gas’ view, was not made in accordance with the proxy access by-law. National Fuel Gas said “Based on GAMCO’s past conduct and current actions, the Board has determined that (1) GAMCO possessed an intent to change or influence control of the Company when acquiring some if not all of the Proxy Access Request Required Shares; and (2) GAMCO continues to have the intent to change or influence control of the Company. As a result, GAMCO’s Notice does not comply with the proxy access provision of the Company’s By-Laws, and the Company will not include GAMCO’s proposal in the Company’s proxy materials.”
Contact Steve Quinlivan for more information.