Corporate GovernanceJul 29, 2026, 05:11 PM
Service Corp Board Rejects Director Watts' Resignation
AI Summary
Service Corporation International announced that its Board of Directors unanimously rejected the conditional resignation of Lead Independent Director Mr. Watts. Mr. Watts had tendered his resignation after receiving less than a majority of votes for re-election at the 2026 annual meeting. Following extensive engagement with shareholders, the Board concluded that Mr. Watts' continued service is in the best interests of the Company and its shareholders, as shareholder concerns were related to governance changes rather than his qualifications.
Key Highlights
- Director Mr. Watts received less than a majority of votes for re-election at the 2026 annual meeting.
- Mr. Watts tendered a conditional resignation under the Company's Majority Voting Policy.
- The Nominating and Corporate Governance Committee engaged with 11 shareholders, representing over 41% of outstanding shares.
- Shareholders' concerns were primarily about governance changes, not Mr. Watts' qualifications or service.
- Proxy advisors ISS and Glass Lewis also recommended against Mr. Watts due to governance perspectives.
- The Board unanimously rejected Mr. Watts' resignation on July 29, 2026.
- Mr. Watts will continue to serve as a director until the 2027 annual meeting.
Price Impact
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