Clinton Group Comments on Voting Results at Stillwater Mining Company
NEW YORK, May 8, 2013 /PRNewswire/ -- Clinton Group, Inc. ("Clinton") commented on the certification of election results from the 2013 annual meeting of shareholders (the "Annual Meeting") at Stillwater Mining Company (NYSE: SWC) ("Stillwater" or the "Company").
Clinton noted that its four elected nominees received the highest vote totals of any of the candidates that were nominated to the Board of Directors (the "Board") and that each won the support of a majority of votes cast at this year's Annual Meeting. Clinton also noted that the two next highest vote totals were received by directors who had served on the Board for less than one year.
"These election results are a clear message from stockholders that the Company needs to chart a difference course, under new leadership," said Gregory P. Taxin, Managing Director of Clinton. "We are pleased that six of the eight directors are essentially new to the Board and are confident that there will be a solid, cohesive majority on the Board to implement the change stockholders have demanded."
Clinton further noted that more than 65% of the shares that voted at the Annual Meeting disapproved of the Company's pay practices in the so-called "say-on-pay" vote. This result promises to be one of the largest rebukes by stockholders this year of any company's executive pay programs and policies.
"We are grateful for the overwhelming support our nominees received and believe the director and say-on-pay voting can be read only one way: as a clear mandate for change," continued Mr. Taxin. "With a new Board, the opportunity exists for a renewed Company. We are enthusiastic about the future of Stillwater, especially now that it is being guided by the able hands of these independent directors."
About Clinton Group, Inc.
Clinton Group, Inc. is a Registered Investment Advisor based in New York City. The firm has been investing in global markets since its inception in 1991 with expertise that spans a wide range of investment styles and asset classes.
SOURCE Clinton Group, Inc.