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Blue Ridge Bankshares, Inc. Announces Results of 2025 Annual Meeting of Shareholders

Strategic Insights

— 2 min read

At its 2025 Annual Meeting of Shareholders, Blue Ridge Bankshares, Inc. (BRBS) voted to approve several key proposals, including the election of three directors, an amendment to the company's articles of incorporation to declassify the Board of Directors, and the ratification of Elliott Davis, PLLC as the independent registered public accounting firm for 2025. Shareholders also voted in favor of the company's named executive officer compensation and approved a proposal to hold the vote on named executive officer compensation every three years.

Key Takeaways:

  • Three directors, G. William Beale, Ciaran McMullan, and Vance H. Spilman, were elected to the Board of Directors for a three-year term expiring at the 2028 Annual Meeting of Shareholders.
  • The proposal to approve an amendment to the Company's Articles of Incorporation to declassify the Board of Directors was approved with more than 80% of the outstanding shares voting in favor.
  • The compensation of the Company's named executive officers was approved in an advisory (non-binding) vote, with 70.5% of shareholders voting in favor.
  • A frequency of every three years was selected as the preferred interval for holding the vote on named executive officer compensation, with 1.4 million shares voting in favor.
  • Shareholders ratified the appointment of Elliott Davis, PLLC as the Company's independent registered public accounting firm for 2025, with 79.2 million shares voting in favor.

Statistics:

  • 87,785,224 shares of the Company's common stock were outstanding and entitled to vote at the Annual Meeting, representing a 90.5% increase from the previous year.
  • 79,478,745 shares of the Company's common stock were present in person or by proxy at the Annual Meeting, constituting a quorum to conduct business at the meeting.
  • The voting results for each proposal were as follows:

+ Proposal 1: Election of Directors - 73.1 million shares voted for, 469,099 shares withheld, and 5,894,135 shares abstained.

+ Proposal 2: Amendment to the Company's articles of incorporation to declassify the Board of Directors - 72.9 million shares voted for, 390,242 shares voted against, 219,591 shares abstained, and 5,894,135 shares abstained.

+ Proposal 3: An advisory (non-binding) vote to approve the Company's named executive officer compensation - 70.5 million shares voted for, 1.8 million shares voted against, and 1,268,758 shares abstained.

+ Proposal 4: An advisory (non-binding) vote as to whether to hold the vote of the approval of the Company's named executive officer compensation every one, two, or three years - 1.4 million shares voted for every three years, 976,000 shares voted for every two years, and 35.8 million shares voted for every year.

+ Proposal 5: Ratification of Independent Registered Public Accounting Firm for 2025 - 79.2 million shares voted for, 212,343 shares voted against, and 109,274 shares abstained.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (File No. 001-39165).

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