other
confidence high
sentiment neutral
materiality 0.15
Snap annual meeting July 24; Spiegel/Murphy will vote FOR director slate and auditor ratification
Snap Inc
- Meeting held online July 24, 2023; record date June 14 with 22.5M Class B and 231.6M Class C shares outstanding.
- Two proposals: elect nine directors (including Spiegel, Murphy, Lynton) and ratify Ernst & Young as auditor for FY2023.
- Class A common stock carries no voting rights; only Class B (1 vote each) and Class C (10 votes each) can vote.
- Evan Spiegel and Robert Murphy control over 99% of voting power and intend to act by written consent to vote FOR both proposals.
- No vote will occur at the meeting; proposals expected to be approved via written consent before the meeting.