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Shareholders of Argo Group International Holdings Ltd. have voted to re-elect all five of the board directors at the company’s 2019 annual meeting, but a resolution on executive compensation was only narrowly approved.
In a statement Friday, Bermuda-based Argo said that based on a preliminary vote, the resolution on executive compensation received 50.53% of the votes in favor, with 49.47% against.
“We will work with our shareholders to fully understand the concerns that influenced the vote regarding the compensation of our executive officers and are committed to taking the necessary actions to address those concerns,” Gary Woods, chairman of the board, said in the statement.
Re-election of the board directors came days after Voce Capital Management LLC, a San Francisco-based hedge fund with a 5.6% stake in the company, withdrew its nominations for election of directors on May 21.
In recent months, Voce has taken aim at Argo on the issue of executive compensation and what it regards as CEO Mark Watson’s “excessive expenses and misuse of corporate assets.”
Voce’s nominees and proposals had received “limited shareholder support” prior to the withdrawal, Argo said in the statement.
“Our Board will carefully consider these results, as well as future shareholder input, in determining executive compensation going forward,” Mr. Woods said in the statement.
Voce did not immediately respond to a request for comment.
Argo Group International Holdings Ltd. said Friday that Voce Capital Management LLC continues to misrepresent Argo in the companies’ ongoing dispute after Voce nominated directors for election to Argo’s board.