ILJIN SNT Co., Ltd. Calls on Board of Aurinia Pharmaceuticals to Honor Shareholders’ Voices Expressed at the AGM
11 Julio 2024 - 2:27PM
Business Wire
One of Company’s Largest and Longest-Standing
Shareholders Urges Board to Accept Director Resignations
Announces Intentions to Maintain Vigilance and
Continue Actions to Restore Shareholder Value
ILJIN SNT Co., Ltd. ("ILJIN"), one of the largest shareholders
of Aurinia Pharmaceuticals (NASDAQ: AUPH) ("Aurinia" or the
"Company"), today issued an open letter to fellow shareholders. The
full text of the letter is below.
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July 11, 2024
Fellow Aurinia Shareholders,
Last month, Aurinia (“Company”) announced the voting results of
its 2024 annual general meeting of shareholders (“AGM”). The
Company announced that four directors -- (i) Peter Greenleaf,
President and CEO and a Director, (ii) Daniel G. Billen, Director
and Chair of the Board, (iii) R. Hector MacKay-Dunn, J.D, Director,
and (iv) Brinda Balakrishnan, Director -- received less than the
majority support required under the Company’s Majority Voting
Policy.
No doubt the AGM results are a step in the right direction for
the future of Aurinia. In this connection, we call on the Company’s
Board to honor the voices of shareholders as expressed through the
AGM, and accept the resignations of the four directors in
accordance with the AGM voting results. We fully expect the Board
will change as a result of this vote and begin to serve as a
strong, effective board in ensuring improved management performance
and securing a breakthrough in the Company stock’s performance in
the near future.
So, after months of efforts, including issuance of the three
public letters, ILJIN simply wanted to express our sincere
gratitude to our fellow shareholders for having the courage to step
up and finally making our voices heard. Our collective actions
prove that no longer can entrenched management get away with
massive losses on shareholders without a consequence to their
compensation from the Company, and no longer may the Company’s
management enrich themselves through the unrestrained grant of free
RSUs -- irrespective of the Company’s performance.
Now, the AGM has paved the path for a change to the Company’s
Board, we will need new directors who could help the Company forge
a new strategic direction and successfully implement the strategic
change. In this respect, we intend to maintain our vigilance and
continue to press for the Board to listen to the constituent
shareholders both in the selection of the composition of the
Company’s new Board and adoption of a new growth strategy for
Aurinia. We implore the Company to take the necessary changes at
the Company to restore shareholder value in the nearest future
possible.
Together, we will make a difference to the future of
Aurinia.
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version on businesswire.com: https://www.businesswire.com/news/home/20240711875661/en/
Media: Yoonhwa Lee yoonhwa.lee@iljin.co.kr