Argo Group International Holdings Ltd. shareholders elected all five of the company's class III directors, based on a preliminary count following Argo's 2019 annual meeting May 24.
As of May 20, Sedgwick Browne, a director who had been targeted for removal by activist shareholder Voce Capital Management LLC, was supported by shareholders holding over 80% of the submitted proxies. Additionally, almost 80% of the submitted proxies voted against the removal of Argo Chairman Gary Woods and more than 80% voted against the removal of the other directors targeted by Voce.
Voce on May 21 withdrew its board director nominees after two states revoked their approvals of its proxy solicitation "at the 11th hour" due to alleged lobbying by Argo. But Argo said Voce abandoned its activist campaign because it lacked shareholder support for its proposals and director nominees.
Shareholders also voted 50.53% to 49.47% in favor of the company's nonbinding advisory resolution on executive compensation.
"We will work with our shareholders to fully understand the concerns that influenced the vote regarding the compensation of our executive officers and are committed to taking the necessary actions to address those concerns," Woods said.