Consolidated Water Co has expressed strong disagreement with the recommendations from Institutional Shareholder Services (ISS) and Glass Lewis to withhold votes for the re-election of three of its board members.
The company is urging shareholders to vote in favour of the re-election of Linda Beidler-D’Aguilar, Brian Butler, and Leonard Sokolow at the upcoming annual general meeting on May 28.
Consolidated Water noted that Beidler-D’Aguilar, who has attended 69% of board and committee meetings in 2023, missed the 75% threshold due to a prior commitment.
However, she has pledged to meet the attendance requirement in 2024 and has attended all meetings to date, the group added, emphasising her “35 years of experience as an attorney; her legal, business and financial knowledge acquired during that period; and her knowledge of, and business contacts in, the Caribbean”.
Butler, who chairs the Nominations and Corporate Governance Committee, has been recommended against by Glass Lewis due to concerns over board refreshment and gender diversity.
Consolidated Water replied: "The company, the board and the NCG are very satisfied with the composition of the board and would be hesitant to make a change solely based upon age, tenure or diversity consideration."
“The board believes that it is important that Mr. Sokolow be re-elected because of his experience as a director and principal executive officer; his legal, accounting, auditing and consulting background; and his qualifications to serve as the company’s ‘audit committee financial expert’”, said Consolidated Water.
“We urge stockholders to follow the board’s recommendation and vote ‘FOR’ all the proposals in the proxy statement, including the re-election of Ms. Beidler-D’Aguilar, Mr. Butler and Mr. Sokolow,” said the company in a statement.