Aurora Cannabis Highlights Results from Recent Shareholder Meeting
Aurora Cannabis Inc. Reports on Latest Shareholder Meeting
NASDAQ | TSX: ACB
Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), a prominent global medical cannabis firm, recently held its Annual General and Special Meeting of Shareholders (the "Meeting") virtually. The Meeting garnered participation from shareholders representing over 17.7 million common shares, equivalent to 31.53% of the outstanding shares as of the record date.
The outcome of the voting results for the election of directors is as follows:
Voting Results for Board Nominees
In the election, the nominees were predominantly elected to the Board of Directors of Aurora. Here are their respective voting outcomes:
- Miguel Martin: 5,513,929 votes for, 671,217 votes withheld.
- Michael Singer: 5,194,307 votes for, 990,839 votes withheld.
- Chitwant Kohli: 5,433,170 votes for, 751,976 votes withheld.
- Theresa Firestone: 2,620,830 votes for, 3,564,317 votes withheld.
- Norma Beauchamp: 5,317,360 votes for, 867,786 votes withheld.
- Rajesh Uttamchandani: 5,332,016 votes for, 853,131 votes withheld.
As a result, all director nominees, except for Theresa Firestone, were elected to serve until the next annual meeting or until their successors are appointed.
Following the Meeting, Aurora's majority voting policy led to Theresa Firestone's resignation from the Board of Directors. Miguel Martin, the Executive Chairman and CEO, along with the newly appointed Lead Independent Director Michael Singer, expressed deep gratitude towards Ms. Firestone for her significant contributions during her four years of service.
"The Board has reaped immense benefits from Theresa's wide-ranging experience and expertise. We thank her for her dedicated service and professionalism over the years," said Mr. Martin. "Her insights have significantly shaped Aurora's strategic path, contributing to our strong financial performance in the medical cannabis sector."
Ms. Firestone joined Aurora's Board in 2021 and had recently served as the Chair of the Human Resources and Compensation Committee (the "HRCC"). Post-Meeting, the Board not only confirmed Michael Singer’s appointment as Lead Independent Director but also appointed him as Chair of the HRCC. The Nominating and Corporate Governance Committee is now focused on filling the vacancy created by Ms. Firestone's departure.
Shareholder Approvals
During the Meeting, shareholders also approved the reappointment of Ernst & Young LLP as the Company’s auditors for the coming year. Additionally, modifications to provisions of the Company's RSU Plan, PSU Plan, and Share Option Plan were also approved. However, the advisory vote regarding executive compensation (known as the "say-on-pay" vote) did not receive sufficient support to pass.
A comprehensive report detailing the voting results on all resolutions from the Meeting will be kept on record under Aurora's profile on SEDAR +.
About Aurora Cannabis
Aurora Cannabis is transforming the global landscape of cannabis, providing products to satisfy both medical and consumer markets worldwide. The Company, headquartered in Edmonton, Alberta, is dedicated to improving lives through cannabis. Its diverse brand range caters to various segments, including adult-use and medical products, with renowned labels such as Drift, San Rafael '71, and MedReleaf.
Aurora also maintains a controlling share in Bevo Farms Ltd., a leader in Canada's agricultural plant market. Committed to scientific advancement and innovation, Aurora consistently aims to deliver premium cannabis products across medical, wellness, and recreational sectors worldwide.
Frequently Asked Questions
What were the key outcomes of the Aurora Cannabis shareholder meeting?
Key outcomes include the election of board nominees, resignation of Theresa Firestone, and approval of auditors for the upcoming year.
How many common shares were represented at the meeting?
In total, 17,736,521 common shares were represented, which accounts for 31.53% of the company's issued and outstanding shares.
What position did Michael Singer assume after the shareholder meeting?
Michael Singer was appointed as the new Lead Independent Director and also took the role of Chair of the HRCC.
Which auditing firm was approved during the meeting?
Ernst & Young LLP was confirmed as the Company’s auditors for the upcoming year.
What changes did the shareholders approve in relation to the Company's plans?
Shareholders approved amendments to the Company's RSU, PSU, and Share Option Plans.
About The Author
Contact Ryan Hughes privately here. Or send an email with ATTN: Ryan Hughes as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.