Calista resolutions didn’t pass after all

by Angela Denning-Barnes on November 15, 2012

Calista shareholders were led to believe that many resolutions that they voted on passed at the annual meeting held in Goodnews Bay November 3. However, that is not true. In fact, none of the binding resolutions passed.

Calista made the announcement this afternoon.

“In reviewing the voting results from the annual meeting, the announcement on the binding resolutions actually did not pass,” said Thom Leonard, Calista spokesperson.

The mix up stemmed from what was considered to be the majority of voters. For a binding resolution to pass, it requires the majority of all shareholders eligible to vote, not just a majority of those who voted. So, although a majority of voters favored the resolutions, they still didn’t pass.

55% of all shareholders voted at the annual meeting.

So, who is to blame for the error? Calista isn’t pointing any fingers yet.

The corporation employs the independent firm, Sramek-Hightower who tabulates and certifies the election results. At the meeting, the firm was guided by a Parliamentarian, Julius Brecht, another outside attorney. Brecht is also the same attorney who was brought in by the former board to investigate President Andrew Guy who they put on administrative leave. Calista’s new board reinstated Andrew Guy and no longer employed the attorney.

Leonard says the board of directors will to look into the matter.

The board’s corporate governance committee plans to meet on Monday to discuss the errors. Then they will make a recommendation to the full board about what needs to be done.

“So this is a very important and serious discussion that will take place with the committee and with the full board,” Leonard said.

KYUK is hosting an hour-long Calista call-in show Friday from 11 a.m. to noon. Guests will be President Andrew Guy and new board member, Marcie Sherer.

Previous post:

Next post: