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Results of Director Voting


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Did everybody look at the results of the director voting:  https://www.fairfax.ca/news/press-releases/press-release-details/2019/Result-of-Voting-For-Directors-at-Annual-Shareholders-Meeting/default.aspx



I would understand that people might not bother, because the outcome is a fait accompli with Prem's multiple voting shares.  I did, however, want to take a moment and draw people's attention to the number of votes withheld by subordinate shareholders.  It looks like Christine McLean, Ben Watsa, Prem Watsa and Anthony Griffiths were all subject to a considerable percentage of withheld votes (ie, more than 5% of shareholders voted against them).  This is a considerable increase from the level of discomfort manifested through last year's vote.


Normally it wouldn't be a surprise to see a few tens of thousands of votes withheld, because there are always a few individual shareholders who are dissatisfied with certain directors.  But, in this case we are talking about ~1.5 million shares that withheld their vote (the economic interest voting against the Watsa family is roughly equivalent to the Watsa family's economic interest).  It would appear that FFH management must have annoyed one or more large institutional holder(s). 


I hope that Prem is paying attention to how his partners are reacting to the appointment of his progeny to the Board.





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