Trillium Successfully Withdraws Board Diversity Proposal at LogMeIn
Boston, MA // April 13, 2018 – Trillium Asset Management is pleased to announce that it has successfully withdrawn a shareholder proposal at software and service provider LogMeIn, Inc. (NASDAQ: LOGM) following the Company’s agreement to enhance disclosures regarding Board diversity in its corporate governance documents and proxy statement.
Importantly, we also commend the company for appointing Sara Andrews to its Board of Directors this month. Sara brings extensive background in risk management and cybersecurity, and a diverse perspective to the Board.
When LogMeIn merged in January, 2017 with GetGo, Inc, a former subsidiary of Citrix Systems the company tripled its workforce and created a director slate consisting of nine men from Citrix and LogMeIn’s Boards of Directors.
Specifically, our shareholder proposal asked the Board of Directors to report on steps it is taking to foster greater diversity on the Board, including but not limited to:
1. Strengthening Nominating and Corporate Governance policies by embedding a commitment to diversity inclusive of gender, race, ethnicity; and
2. Committing to include women and underrepresented minority candidates in every pool from which Board nominees are chosen
Following a constructive dialogue with senior leadership in November, 2017 the company revised its Corporate Governance Guidelines by institutionalizing a commitment to diversity. In its 2018 Proxy Statement, LogMeIn included a skills/diversity matrix allowing investors additional transparency regarding the composition of the Board.
“We are pleased with the productive dialogue and collaboration we had with senior leadership on its governance practices,” said Susan Baker of Trillium. “We also see LogMeIn’s recent board appointment of Sara Andrews as illustrative of the Board’s firm commitment to draw from a diverse slate of nominees to find the best possible candidate.”
“The Thirty Percent Coalition applauds both Trillium and LogMeIn on collaboratively reaching an agreement to promote board diversity and good corporate governance practices. The Coalition strives to facilitate and support these engagements which results in positive outcomes for both the shareholders and the company,” commented Charlotte Laurent-Ottomane, Executive Director of the Thirty Percent Coalition.
“LogMeIn believes that diversity – of experience, thought, and experience – is critical to building a company capable of redefining and leading technology’s largest growth markets,” said Tara Haas, SVP, Chief of Staff and Head of innovation at LogMeIn. “Realizing that vision requires that we ensure diverse talent pools from which we hire and promote across all levels in the company.”
Contact: Caroline White, Trillium Asset Management, cwhite[at]trillliuminvest.com
Important Disclosure: This is not a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. The specific securities were selected on an objective basis and do not represent all of the securities purchased, sold or recommended for advisory clients.