Shareholders delivered the first management victory of the universal proxy contest era at Blue Foundry Bancorp, electing the New Jersey bank’s two nominees in the face of a challenge from Lawrence Seidman.
According to voting results released Tuesday, management nominees J. Christopher Ely and Robert Goldstein received about 12.5 million votes, compared to an average of 3.4 million for Seidman’s nominees.
Seidman based his campaign on the bank’s stock performance and compensation for management and directors, as well as Ely and Goldstein’s tenure and membership of the board’s compensation commitee.
Investors also voted for a management proposal declassifying the board and removing a supermajority voting requirement.
Until the vote, which took place on May 18, activists had won three of three U.S. proxy contests held since the universal proxy card was made mandatory in September 2023.