Through the Orbis family of funds, Orbis has been a shareholder in Arconic and its predecessor company,
“Over the course of this proxy contest, Arconic has demonstrated a pattern of egregious behaviour intended solely to entrench the company’s current leadership at the expense of shareholders. These actions are an insult to good corporate governance and bring even greater urgency to the need for new leadership at Arconic,” said
Orbis is deeply troubled that the company created, hid, and then threatened to invoke the so-called “poison put” provision, potentially subjecting shareholders to a substantial liability. This insidious act is intended to intimidate shareholders and manipulate the upcoming vote.
Further, the company’s decision to exchange shareholder assets for potential votes as part of the
Sadly, rather than recognizing these actions as the breaches of shareholder trust that they are, Arconic’s independent directors have instead chosen to ignore, defend, and even participate in these activities. Shareholders deserve better. Consequently, Orbis reiterates its intent to vote the Blue Card for Elliott’s slate of independent nominees.
Notes to Editors:
Orbis was founded in 1989 and manages over
Media enquiries for Orbis: