Shareholders of Argo Group International Holdings Ltd. has voted to re-elect all five board members at the company's 2019 annual meeting, but a resolution on executive remuneration was only narrowly approved.
In a statement on Friday, Bermuda-based Argo said that on the basis of a preliminary vote, the resolution on executive compensation received 50.53% of the vote at 49.47% against.
"We will work with our shareholders to fully understand the concerns that affect the remuneration vote for our executives and are required to take the necessary steps to address these issues," said Gary Woods, chairman of the statement.
Re-election of board members came days after Voce Capital Management LLC, a San Francisco-based hedge fund with a 5.6% stake in the company, withdrew its nominations for election of board members on May 21
In recent months Voce has targeted Argo at iss Ue of executive remuneration and what it regards as CEO Mark Watson's "Excessive Expense and Abuse of Corporate Assets".
Vocate's nominees and proposals had received "limited shareholder contributions" prior to their resignation, Argo said in the statement .
"Our Board will carefully consider these results and future shareholder contributions to determine executive remuneration in the future, "Woods said in his statement.
Voce did not immediately respond to a request for comment.