Everyone must have received their AGM Proxy voting forms by now. It's very easy to see that the current BOD, wants to maintain their lucrative positions, why else would they recommend shareholders approve By-Law #4.
By enacting this By-law, the shareholders will have an even more difficult time trying to change the board, or electing shareholder representives to the board.
Other Company BOD have tried to get their shareholders to approve the same By-law, and in most cases the shareholders have rejected this undemocratic, board entrenching move.
This By-law is listed as #11 on your proxy form for your approval. use your best judgement with regards to voting for this recommendation from your BOD.
We will certainly NOT VOTE FOR this By-law.
What is the BOD worried about that they need this By-law? With no Known holder of 10% or more of the company's securities there is little chance that a takeover will occur, this move looks more like greed and control, than shareholder protection.
Good luck bt.