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PacWest Bancorp board retains director despite shareholders' negative vote

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PacWest Bancorp board retains director despite shareholders' negative vote

The board of Beverly Hills, Calif.-based PacWest Bancorp rejected Tanya Acker's resignation as a director and reaffirmed her appointment to the board even after shareholders voted against her reappointment.

Institutional Shareholder Services Inc. urged PacWest shareholders to vote against Acker's board nomination during the May 14 annual meeting on the grounds that Acker failed to attend at least 75% of the board and relevant committee meetings in 2017. According to the board's compensation, nominating and governance committee, this recommendation was the main reason Acker only garnered over 48% of votes for her election to the board. Pursuant to the company's bylaws, Acker tendered her resignation on May 15.

However, the board committee noted that Acker attended 73% of the meetings in 2017, which is 2% below the 75% standard, and has not missed a single meeting this 2018. The board acted on the committee's recommendation and determined that Acker shall remain a director.