NAPERVILLE, Ill., May 5, 2016 /PRNewswire/ -- Banc of California, Inc.'s (NYSE: BANC) 2016 annual proxy statement includes a stockholder proposal submitted by the PL Capital Group, one of Banc of California's largest shareholders. The non-binding proposal requests that the Board of Directors of Banc of California take the actions necessary for the company to adopt a 'Majority Voting' standard governing the election of directors. Banc of California currently uses a plurality standard, whereby directors could be elected even if the majority of stockholders vote against a nominee for election to the board.
"A majority voting standard would give Banc of California stockholders a real say in the election of directors. In our view, and in the view of most corporate governance experts, the majority voting standard is the best method to elect corporate directors," noted PL Capital Principal Rich Lashley.
"Many public companies, including more than 80% of companies in the S&P 500 Index1, have adopted a majority voting standard. Unfortunately, Banc of California has not chosen to adopt this corporate governance improvement on their own, which caused us to take this action," added PL Capital Principal John Palmer.
Banc of California's 2016 Annual Meeting is scheduled to be held on Friday, May 13, 2016 at 8:00 am Pacific Daylight Time, at the Pacific Club, 4110 MacArthur Boulevard, Newport Beach, CA.
The PL Capital Group is an institutional investment firm specializing in publicly traded U.S. banks and thrifts. It is currently one of Banc of California's largest shareholders. As of March 31, 2016 the PL Capital Group owned 2.3 million shares of Banc of California.
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SOURCE The PL Capital Group