Steel Connect, Inc. (NASDAQ:STCN), a company specializing in business services, held its annual meeting of stockholders virtually on Monday, with a significant turnout of approximately 91.5% of eligible voting interests. The meeting saw the election of directors, advisory votes on executive compensation, and the ratification of the company's independent auditor.
Stockholders re-elected Jeffrey J. Fenton, Jeffrey S. Wald, and Renata Simril as Class III directors, each to serve until the 2026 annual meeting and until their successors are elected. The vote counts were 24,317,681 for Fenton, 24,306,634 for Wald, and 24,326,366 for Simril, with withheld votes of 497,973, 509,020, and 489,288 respectively, and broker non-votes of 842,631 for each nominee.
In an advisory capacity, stockholders approved the compensation of the company's named executive officers, with 24,560,694 votes for, 112,803 against, and 142,157 abstentions, alongside 842,631 broker non-votes.
Further, stockholders expressed their preference for an annual advisory vote on executive compensation, with a decisive 24,646,322 votes favoring a one-year frequency, compared to 3,006 for two years, 6,736 for three years, 159,590 abstentions, and 842,631 broker non-votes.
The appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the current fiscal year was ratified with an overwhelming majority, garnering 25,650,331 votes for, 3,052 against, and 4,902 abstentions.
The annual meeting's outcomes are based on the votes of both common and preferred stockholders, with the latter voting on an as-converted basis. The company's common stock and rights to purchase Series D Junior Participating Preferred Stock are both registered on the Nasdaq Capital Market.
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