Warner Music Group has avoided a proxy fight with minority shareholder Dorothy Carvello, after the former employee reportedly failed to meet paperwork requirements.
In November, Carvello nominated herself to the board of the music giant with plans to push for cultural reform having long alleged sexual assault by current and former WMG executives against herself, other former Warner employees, and female artists.
The move followed the introduction of new rules by the Securities and Exchange Commission (SEC), allowing shareholders to nominate themselves as directors for election on public company boards using the same ballot as management’s nominees.
However, Warner Music was spared Carvello’s challenge after she failed to meet relevant paperwork requirements for the company’s board nomination process, according to the Financial Times.
It’s understood Carvello intends to put forward another nomination this year.
Insightia is awaiting comment from Warner Music Group.