TCIM Provides Update on Voya’s Effort to Prevent the Voices of Shareholders from Being Heard
Key Highlights
- ➤TCIM owns approximately 4.65% economic interest in Voya (VOYA)
- ➤Voya lobbied SEC to stop TCIM’s no-confidence referendum, TCIM says
- ➤TCIM will submit FOIA request seeking Voya’s SEC correspondence
- ➤TCIM urges shareholders to vote FOR the non-binding no-confidence referendum
- ➤TCIM says Voya refuses to provide SEC correspondence and relevant Board minutes
Expert Statements
TCIM, TOMS Capital Investment Management
“As a result of our formal demand to Voya for the inspection of books and records pursuant to Section 220 of the Delaware General Corporation Law, we have obtained an acknowledgement from the Company that it lobbied the Securities and Exchange Commission (“SEC”) to stop our no confidence referendum and prevent shareholders’ voices from being heard.”
TCIM, TOMS Capital Investment Management
“Thankfully, Voya failed in this effort.”
TCIM, TOMS Capital Investment Management
“As a fellow asset manager, we are extremely disappointed that Voya has decided to use its corporate and financial resources to attempt to trample upon investors’ rights, including the ability for shareholders to meet with each other and communicate their opinions to management and the Board.”
TCIM, TOMS Capital Investment Management
“We believe that Voya’s use of such resources to undermine the shareholder franchise constitutes corporate waste and is inconsistent with the Board’s fiduciary duties.”
TCIM, TOMS Capital Investment Management
“Voya was unsuccessful in all its efforts and shareholders’ voices will be heard.”
TCIM, TOMS Capital Investment Management
“The fact that Voya administers the retirement savings for millions of Americans nationwide makes its abandonment of shareholders’ interests in the face of a challenge all the more egregious.”
TCIM, TOMS Capital Investment Management
“Voya is presently refusing to provide its correspondence with the SEC to us, other than under conditions that are unacceptable – including that we do not seek any further books and records.”
TCIM, TOMS Capital Investment Management
“Voya is also refusing to produce Board minutes pertaining to the Company’s actions aimed at preventing our shareholder referendum from occurring.”
TCIM, TOMS Capital Investment Management
“All of this raises a simple question: what does Voya’s Board and management have to hide?”
TCIM, TOMS Capital Investment Management
“As a result, we will be submitting a request to the SEC under the Freedom of Information Act (“FOIA”) to obtain the correspondence wherein Voya sought to interfere with its own shareholders’ efforts to communicate with each other.”
TCIM, TOMS Capital Investment Management
“We look forward to continuing to engage with shareholders ahead of our no confidence referendum.”
TCIM, TOMS Capital Investment Management
“Shareholders are also advised that we will be releasing a presentation this week detailing the case for supporting our referendum.”
TCIM Provides Update on Voya’s Effort to Prevent the Voices of Shareholders from Being Heard
As a Fellow Firm in the Financial Services Industry, TCIM Is Highly Disappointed by Voya’s Dismissive Approach to Shareholder Rights and Believes the Company’s Board and Management Should Hold Themselves to Higher Standard
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