Photo by Andrey Popov.
Shareholder Advocacy Effort by Pekin Singer Strauss Yields Board Diversity Commitment from Titan International
CHICAGO, Apr. 12, 2016
(CSRWire) – A shareholder resolution filed by Pekin Singer Strauss Asset Management, advisor to the Appleseed Fund (APPLX, APPIX), has yielded a commitment from Titan International (TWI) to increase its board diversity.
Pekin Singer Strauss, an independent financial advisory firm, requested that Titan, a leading manufacturer of off-road wheels and tires, issue a report outlining specific steps being taken to increase diversity among its board of directors, and an assurance that it will continually assess the effectiveness of those efforts.
In advance of Titan’s annual shareholder meeting to be held in early June, the company agreed to amend its board nominating committee charter to include a commitment to seek out diverse candidates in director searches. Considerations will include gender, race, ethnicity, organizational and professional experience, education, cultural and other background, viewpoint, skills and other personal qualities and attributes believed to enhance the board’s ability to manage and direct the affairs of the company.
As a result, Pekin Singer Strauss withdrew the resolution.
“We achieved our goals with this resolution and expect that a more diverse board will be better-positioned to steer the company going forward,” said Matthew Blume, Pekin Singer Strauss manager of shareholder advocacy.
He explained that board diversity is a topic of growing concern among corporate governance advocates. “We have seen statistical evidence that corporate boards lack sufficient diversity, despite a growing body of research that suggests that companies with diverse boards enjoy better financial performance.”
“Diversity is a key ingredient in a well-functioning corporate board,” Blume continued. “Titan has a significant opportunity to improve in this area, and the changes that the company has implemented are a meaningful first step.”
About Pekin Singer Strauss Asset Management
Founded in 1990, Pekin Singer Strauss Asset Management is a leading independent financial adviser that offers wealth management services and serves as the adviser to a value-oriented mutual fund. The firm provides its high-net-worth clients with thoughtful financial advice, comprehensive financial plans and custom investment portfolios. Pekin Singer Strauss Asset Management is dedicated to delivering superior risk-adjusted returns by pursuing a disciplined value investing approach that minimizes investment risk with investors’ capital. The employee-owned, Chicago-based firm is committed to maintaining the highest standards of ethics and objectivity. Pekin Singer Strauss Asset Management is registered with the SEC as an investment adviser, and the firm is a certified B Corporation. For more information about Pekin Singer Strauss Asset Management, please visit pekinhardy.com.
About Appleseed Fund
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As of 03/31/2016 Appleseed had the following allocation to the mentioned securities: TWI 2.37%. The holdings of Appleseed Fund may change due to ongoing management of the Appleseed Fund investment portfolio. References to specific investments should not be construed as a recommendation of a security by the Fund, its advisor, administrator, or distributor. Appleseed Fund is distributed by Unified Financial Securities, LLC. (Member FINRA). For more information about Appleseed Fund, please visit www.appleseedfund.com.