DTE Energy | Amendment of bylaws to allow holder of 10% shares to call special meeting at DTE Energy

Status
22.00% votes in favour
AGM date
Previous AGM date
Proposal number
6
Resolution details
Company ticker
DTE
Lead filer
Individual
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Utilities
Company HQ country
United States
Resolved clause
Shareholders ask our board to take the steps necessary to amend the appropriate company governing documents to give the owners of a combined 10% of our outstanding common stock the power to call a special shareholder meeting. This includes that each shareholder shall have an equal right per share to formally participate in the calling for a special shareholder meeting to the fullest extent possible.
Supporting statement
urrently it takes a theoretical 25% of all shares outstanding to call for a special shareholder meeting. This theoretical 25% of all shares outstanding translates into 34% of the shares that vote at our annual meeting. It would be hopeless to expect that shares that do not have the time to vote would have the time for the intricate procedural steps to call for a special shareholder meeting.

Then it appears that all the shares that are held in street name are 100% disqualified from participating in the calling of a special shareholder meeting. If 50% of DTE Energy shares are held in street name then it would take 68% of the above 34% of shares that vote at the annual meeting (34% times 2) to call for a special shareholder meeting.
And it does not stop here because all DTE shares not owned for a full continuous year are 100% disqualified from calling for a special meeting. Perhaps only 75% of DTE shares are held for a full continuous year and then the 68% figure to call a special shareholder meeting would go still higher.
Thus a theoretical 25% figure to call for special meeting translates into a figure well beyond 68% which is like have no right at all to call for a special shareholder meeting.

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