Cambridge Bancorp Holds Annual Meeting, Elects New Directors

Strategic Insights -

Cambridge Bancorp, a bank holding company based in Massachusetts, held its annual meeting on May 16, 2022. At the meeting, shareholders voted on several proposals, including the election of four directors to the company's board, the approval of executive compensation, and the ratification of the company's independent registered public accounting firm. The proposals were described in detail in the company's proxy statement, which was filed with the SEC on March 16, 2022.

Key Takeaways:

  • Four directors were elected to the Cambridge Bancorp board to serve until the 2025 annual meeting of shareholders: Thalia M. Meehan, Jody A. Rose, Cathleen A. Schmidt, and Denis K. Sheahan.
  • The shareholders approved the compensation of the company's named executive officers on a non-binding, advisory basis.
  • The shareholders ratified the appointment of Wolf & Company, P.C. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2022.
  • The final voting results for each proposal were as follows:

+ Proposal 1: Election of Directors

- Thalia M. Meehan: 5,187,451 votes for, 47,017 votes withheld, 838,581 broker non-votes

- Jody A. Rose: 5,156,534 votes for, 77,934 votes withheld, 838,581 broker non-votes

- Cathleen A. Schmidt: 5,154,849 votes for, 79,619 votes withheld, 838,581 broker non-votes

- Denis K. Sheahan: 5,113,867 votes for, 120,601 votes withheld, 838,581 broker non-votes

+ Proposal 2: Advisory Vote on Executive Compensation

- Yes: 1,765,898 votes

- Abstain: 101,309 votes

- Broker non-votes: 838,581 votes

+ Proposal 3: Ratification of the Appointment of Wolf & Company, P.C.

- Yes: 1,821,318 votes

- No: 467,511 votes

- Abstain: 24,984 votes

- Broker non-votes: 838,581 votes

Statistics:

  • Total shareholder votes cast for Proposal 1 (election of directors): 5,187,451 + 47,017 + 838,581 = 6,073,049
  • Total shareholder votes cast for Proposal 2 (advisory vote on executive compensation): 1,765,898 + 101,309 + 838,581 = 2,705,788
  • Total shareholder votes cast for Proposal 3 (ratification of the appointment of Wolf & Company, P.C.): 1,821,318 + 467,511 + 24,984 + 838,581 = 3,152,394

Sources:

  • Cambridge Bancorp (0000711772)
  • COMTEX_407337851/2254/2022-05-17T11:30:48 (c) 1995-2022 Cybernet Data Systems, Inc. All Rights Reserved
  • Securities Exchange Act of 1934 (17 CFR 240.13e-4(c))