Dallas-based Triumph Bancorp Inc.'s board is recommending that shareholders approve several proposed amendments in the company's bylaws, including one seeking the annual election of directors and a majority voting scheme for directors.
Under one proposal, directors of the company will serve one-year terms starting at the 2019 annual meeting of shareholders on May 10. If the proposal is approved, directors retiring at the end of the 2019 or 2020 annual meetings will serve the remainder of their terms; their successors will then be elected to one-year terms. All directors will then stand for annual elections from and after 2021.
Another proposal seeks to establish a majority vote rule for uncontested board elections, to replace the current system of plurality voting.