MainStreet Bancshares amends bylaws to remove ISS-criticized provisions, declares preferred dividend

MainStreet Bancshares, Inc.

Bylaws amended to eliminate two provisions criticized by ISS: disclosure of director nominations at other companies within 12 months (plan) and past 36 months (history).
2023 Annual Meeting set for May 15, 2023, virtual format; record date to be announced later.
Preferred Stock dividend of ~$0.47 per Depositary Share ($18.75 per Series A share) payable Dec 30, 2023 to holders of record Dec 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MainStreet Bancshares, Inc.: Deleted two provisions in Article I, Section 12(a)(iv) that required disclosure of director nomination plans or proposals at other companies, and renumbered remaining provisions, to address objections raised by ISS (effective 2023-11-15).

Change: bylaw amendment
Effective: 2023-11-15

Exact text from the filing

On November 15, 2023, the Board of Directors of the Company approved and adopted Amended and Restated Bylaws which became effective the same day.

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MainStreet Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-032249

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