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BH vote: did 82.2% or 50.7% vote in support of the new compensation package?


farnamstreet
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The headline makes you think that 82.2% of shares voted in favour of the proposal. That might, however, be a little misleading.

 

Only 79.5% of total shares (937,343 of 1,433,553) voted. Of those, Biglari controls 209,550, so only 727,793 non-biglari shareholders voted in support of the new pay package. Looked at another way, only 50.7% of non-biglari shareholders voted in support of the package (and of those, some are his friends like Cooley)

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