One of the most high-profile proxy contests to use a universal proxy card ended on Tuesday, with some last-minute drama thrown in.
The board of SandRidge was engaged in a proxy contest with Icahn Capital. In May, it announced that it had expanded its board to seven members in order to include two Icahn nominees on its ballot. Icahn had refused to settle with the company after it offered to appoint those nominees to the board.
The company’s white proxy card contained five company nominees and two Icahn nominees. Icahn’s gold proxy card included only five of his nominees. The company stated that both ISS and Glass Lewis supported Icahn having minority, but not controlling, representation on the board, by recommending in favor of four of the company’s nominees and three Icahn nominees.