Engine Capital doubles prior plan to replace three directors in new filing
New York hedge fund Engine Capital, which owns 7.1 per cent of the Toronto company’s stock, says it plans to nominate six directors to Dye & Durham’s seven-person board at the Dec. 17 AGM.main shareholder antagonist is escalating its governance battle with the legal-software company, proposing a near-full rival slate of directors for next month’s annual general meeting.
The other candidates are Tracey Keates, former chief financial officer of Constellation Software Inc. unit Jonas Software; Ritu Khanna, Shopify Inc.’sglobal partnerships vice-president; and Sid Singh, CEO of Rectangle Health and a former executive with Equifax Inc. and Global Payments Inc. Engine pledged to send shareholders details about its slate’s transition plan and strategy to increase cash flow, cut debt and restore trust.
The board proposed a rich compensation package for CEO Matt Proud in 2021 after management abandoned an attempted buyout, which prompted shareholders to withhold a significant number of votes from two compensation committee members while still approving the award. Ms. O’Donoghue later resigned and was replaced by Luke McCormick, managing director of Toronto investment management firm Generation Capital. He was appointed by D&D as part of a
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