Glance Board Announces New Corporate Governance Initiatives And Removes Penny Green From Committees

Glance Technologies (CSE:GET) has announced that the board of directors has implemented new initiatives aligned with corporate governance best practices and removed Penny green as director from two board committees.

As quoted in the press release:

Also, Glance comments that it has noticed irregularities in the share trading and ownership disclosure of Ms. Green, who has launched a shareholder requisition seeking control of the Board. In addition, Glance informs shareholders that Ms. Green’s three dissident nominees’ names and biographies have quietly and suddenly disappeared from her dissident website.

Governance enhancements

With regard to Glance’s governance initiatives, they include a minimum share ownership policy for directors (the “Ownership Rules”), a Corporate Governance and Nominating Committee Charter and new Corporate Governance Principles. The new Ownership Rules are intended to encourage independent directors to own common shares of Glance (“Shares”) whether or not they receive compensation beyond stock options for serving on the Board.

“All of Glance’s independent directors are committed to complying with the new stock ownership policy,” said Kirk Herrington, Chair of the Board. “This new ownership guideline will continue to strengthen the alignment of shareholder and director interests as we move forward.”

Highlights of governance initiatives

Glance will now require independent directors to maintain a minimum ownership of 100,000 Shares after they have been on the Board for at least three years.

Among the highlights of the new Corporate Governance Principles are:

• ensuring that the business is managed with integrity and ethical business standards;
• all directors will act in the best interest of Glance and will put the interest of Glance ahead of any single stakeholder, shareholder or group or their own interests;
• Glance will communicate openly and effectively with its shareholders, other stakeholders and the public generally, and maintain strict compliance with all applicable securities laws regarding disclosure and trading;
• ensuring that there is a long-term strategic plan in place for Glance which is reviewed annually with the Board; and
• the adoption of a majority voting policy for the election of directors of Glance.

Click here to read the full press release.