Do Not Allow Your Representation To Be Taken Away From You
The so called “Alliance for a Better Community” is a small group attempting to promote their own agenda by gaining control of the POA Board. Their newspaper flyers make blatantly false claims by using out of context quotes.
FICTION: “Research shows that 87% of S&P’s 500 now have annually elected boards.”
FACT: The POA is a non-profit corporation and cannot be compared to a large “for-profit” business. In addition, almost all “non-profit” and “for profit” corporations that do hold annual elections replace Directors on a staggered annual basis, not all of the Directors at the same time.
FICTION: “Elect all Directors’ every two years. Staggered terms for directors decrease corporate value and produced “entrenched” boards unresponsive to shareholders.”
FACT: Again, this group has picked out sentences from articles that would appear to support their cause. Reality is that the Harvard Business Review (HBR), April 2014, reported the WORST performing companies had either five or more director turnovers or no turnovers in a three year period. Another HBR article reported that the average S&P 500 has 11 board members. The present POA election cycle using staggered terms is just common sense. It is cost efficient and provides for operational continuity.
FICTION: “Cut the POA board size to 7 directors. Every person added to a decision-making group over seven reduces decision effectiveness by 10%.”
FACT: Another study conclusion reported that there are substantive justifications for boards of 11 to 16 members to ensure accountability and representation of the diverse interests of the people they represent. Small boards result in control by a few resulting in less representation of the community as a whole. The simple fact here is that this group wants to take over the POA and reduce your representation.
If you’ve already voted based upon the misinformation that’s been sent out, you have the right to complete a new proxy vote which will override the original.