HarvestCapital Strategies LLC is expressing disappointment over 's three newappointments to itsboard, saying the unilateral appointments without a shareholder vote in themidst of a proxy contest are a violation of the board's fiduciary duty.
The board's expansion was purposefully done to reduce the influenceof potential new directors who may be elected by shareholders at the 2016annual meeting, Harvest Capital said in an April 13 news release. The activistinvestor noted that its three nominees to Green Dot's board would now comprise threeout of 10 directors, rather than three out of eight.
The actions taken by Green Dot's board are an attempt tofurther entrench itself and management, while disenfranchising the company'sshareholders, Harvest Capital said.
Harvest Capital is a subsidiary of .