Consolidated Water Co. Ltd. Files Proxy Statement

TL;DR

CWTR proxy filing is out - shareholders vote soon.

AI Summary

Consolidated Water Co. Ltd. filed a Definitive Proxy Statement (DEFA14A) on May 20, 2024. This filing is related to the company's annual meeting and is a solicitation of proxies from shareholders. The company is incorporated in the Cayman Islands and operates in the water supply industry.

Why It Matters

This filing is important for shareholders as it outlines the proposals and information to be discussed at the company's annual meeting, influencing their voting decisions.

Risk Assessment

Risk Level: low — This is a standard proxy filing for an annual meeting, not indicating any immediate financial distress or unusual corporate action.

Key Players & Entities

• Consolidated Water Co. Ltd. (company) — Registrant
• 0001558370-24-008456 (filing_id) — Accession Number
• 20240520 (date) — Filing Date
• 4941 (sic_code) — Water Supply Industry

FAQ

Key Financial Figures

• $5.5 million — ders, including returning approximately $5.5 million to shareholders in the form of dividend

Filing Documents

• tmb-20240520xdefa14a.htm (DEFA14A) — 43KB
• tmb-20240520xdefa14a001.jpg (GRAPHIC) — 10KB
• 0001558370-24-008456.txt ( ) — 58KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 CONSOLIDATED WATER CO. LTD. (Name of Registrant as Specified in Its Charter) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. [The following press release was issued by Consolidated Water Co. Ltd. on May 20, 2024.] Consolidated Water Comments on ISS and Glass Lewis Reports and Urges Stockholders to Vote "FOR" Re-Election of Its Highly Qualified Directors Consolidated Water's directors standing for re-election bring world-class backgrounds and relevant expertise to effectively oversee the Company's activities GEORGE TOWN, Cayman Islands, May 20, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, today issued the following statement commenting on the reports issued by Institutional Shareholder Services ("ISS") and Glass Lewis regarding the Company's May 28, 2024 Annual General Meeting of Shareholders: The Company strongly disagrees with the recommendations to withhold votes from Linda Beidler-D'Aguilar, Brian E. Butler and Leonard J. Sokolow for re-election to the Company's Board of Directors (the "Board"). For the reasons provided below, as well as those provided in the Company's definitive proxy statement filed on April 18, 2024 (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC") , the Company urges shareholders to vote "FOR" each of the nominees for election, including Ms. Beidler-D'Aguilar, Mr. Butler and Mr. Sokolow. Linda Beidler-D'Aguilar The ISS and Glass Lewis recommendations against the re-election of Ms. Beidler-D'Aguilar are due to her attendance at less than 75% of the aggregate number of (a) the total number of meetings of the Board and (b) the total number of meetings of all committees of the Board on which she served (collectively, the "Aggregate Meetings") held during 2023. Despite not meeting the 75% threshold, Ms. Beidler-D'Aguilar attended 69% of the Aggregate Meetings. Importantly, one of the meetings that she missed was convened on only two days' notice, and she already had a previous commitment that could not be changed. Had she been able to attend that one meeting, she would have attended over 75% of the Aggregate Meetings held during 2023. Further, shareholders should know that Ms. Beidler-D'Aguilar has attended 87% of the Aggregate Meetings held from November 2018 to the date of this press release. Ms. Beidler-D'Aguilar has made a commitment to the Company to attend at least 75% of the Aggregated Meetings during 2024 and each following year. As evidence of that commitment, Ms. Beidler-D'Aguilar has attended 100% of the Aggregate Meetings held to date during 2024. 2 The Board believes that it is important that Ms. Beidler-D'Aguilar be re-elected because of her more than 35 years of experience as an attorney; her legal, business and financial knowledge acquired during that period; and her knowledge of, and business contacts in, the Caribbean. Although Ms. Beidler-D'Aguilar has served on the Board for coming up on six years, she has been involved with the Company's operations in The Bahamas since 1994, resulting in over 30 years' experience, history and knowledge with the Company. Additionally, the Board believes that Ms. Beidler-D'Aguilar adds diversity of thought and experience to the Board. She also brings gender diversity to the Board, being the only director on the Board to identify as a female. This is particularly important in light of Nasdaq's diversity rule, which requires Nasdaq-listed companies, such as the Company, to disclose information about board diversity statistics and either include women and minority directors on their boards or disclose why they do not. The Board believes that the failure to re-elect Ms. Beidler-D'Aguilar will diminish the capability and effectiveness of the Board and negatively impact the Board's progress with respect to diversity and inclusion efforts. Brian E. Butler The Glass Lewis recommendation against Mr. Butler is due to their concerns relating to board refreshment and gender diversity coupled with Mr. Butler's position as Chair of the Company's Nominations and Corporate Governance Committee (the "NCG Committee"). While the Company and the NCG strongly support routine director evaluation and understand

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View this DEFA14A filing on SEC EDGAR