Argo sets March date for AGM

Argo’s 2020 Annual General Meeting will take place on March 24.

The re/insurer brought the date of its AGM forward by around two months following pressure by activist shareholder Voce Capital to convene a special general meeting of Argo shareholders, which was intended to replace five members of its board.

Last week  Argo indicated the AGM would be brought forward to “as early as March,” but the date has now been fixed.

Voce had filed a definitive consent statement with the US Securities and Exchange Commission on December 6 this year.

Argo responded to that pressure by swiftly replacing five members of its board, which it hoped would kill the proposed special general meeting and alleviate shareholder concerns. It engaged the services of a national executive search firm to identify candidates, which it hoped would demonstrate the transparency and fairness of the process.

The members who will retire from the board are: Gary Woods, chairman; Sedgwick Browne, risk & capital committee chair; Hector De Leon, member of audit and human resources committees; Mural Josephson, audit committee chair; and John Power Jr, human resources committee chair.