Key Summary: In 2023, Iljin SNT Co., Ltd. expressed its dissatisfaction with the board's composition by advising a "Withhold" vote against several nominees at the AGM. Despite this, all incumbent directors were re-elected. On March 20, 2024, Iljin expressed its concerns by submitting a letter criticizing the management's performance and urging for a management overhaul and spending rationalization.Market Cap: $743 million | Aurinia Pharmaceuticals Inc., a clinical stage biopharmaceutical company, engages in the research, development, and commercialization of therapeutic drugs for the treatment of various diseases in the United States and China.
On May 10, 2023, Iljin SNT Co., Ltd. (5%) delivered a letter to the board to express its concerns regarding the composition of the board. In the letter, ILJIN advised that it intends to vote “Withhold” against nominees Milne, Hagan, Jayne, Billen, Mackay-Dunn, Leversage and Balakrishnan. Source
At the AGM held on May 17, 2023, shareholders voted to re-elect all the incumbent directors to the Board.
On March 20, 2024, Iljin SNT Co., Ltd. (5.2%) delivered a letter to the management and the Board expressing its concerns regarding the composition of the management team and the company’s continued poor performance. In the letter, ILJIN urged the Board to revamp the management team and to rationalize the Company’s spending.
Past
On June 4, 2019, ILJIN SNT Co., Ltd filed an information circular and letter to shareholders in connection with the upcoming AGM of Aurinia Pharmaceuticals Inc. to be held on, June 26, 2019. ILJIN, a founding shareholder of Aurinia which together with certain affiliates (14%) is seeking support for three nominees for election as directors at the annual meeting. It expressed its belief that the company requires, (i) Embodies corporate governance best practices, rather than flouting them, (ii) Aligns board and executive compensation and expenses with shareholders’ interests, rather than rewarding non-performance, (iii) Demonstrates true independence from one another and management (current and former), rather than looking out for each other first, and (iv) Supports and accelerates the Corporation’s strategy execution, rather than sitting idly by as the Corporation potentially squanders its tremendous opportunity. Source
On June 19, 2019, the company announced that ISS and Glass Lewis recommend shareholders vote for all the company’s nominees at the AGM.
At the AGM held on June 26, 2019, the shareholders of the Company elected all eight of the Company’s director nominees. Also, the company announced that ILJIN SNT Co., LTD (“ILJIN”), provided notice to withdraw the consents of its director nominees prior to the Meeting after having witnessed the strong proxy results in favour of management’s nominees to Aurinia’s Board.
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