TripAdvisor 2013 Annual Report Download - page 155
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Please find page 155 of the 2013 TripAdvisor annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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TripAdvisor and our Board of Directors are committed to strong corporate governance practices and
ensuring our minority stockholders have a meaningful role in director elections. Specifically, our charter
documents provide that the holders of common stock, acting as a separate class, elect 25% of the total number of
directors, which number will be rounded up if not a whole number. For example, at this stockholder meeting, our
common stockholders (excluding the votes represented by our Class B shares, all of which are owned by Liberty)
will elect three of our nine directors even though the common stockholders do not represent a majority of our
outstanding voting power.
Your Board of Directors believes that this protection, included in our certificate of incorporation, provides
an important benefit to our common stockholders in the context of a controlled company. In contrast, the
majority voting requirement, absent our charter provision discussed above, would result in Liberty fully
controlling the election of all directors. Taking into account the facts and circumstances of TripAdvisor’s capital
structure and ownership profile, the Board of Directors does not believe the proposal is in the best interests of our
stockholders.
Required Vote
This proposal requires the affirmative vote of a majority of the voting power of the shares of TripAdvisor
common stock, present in person or represented by proxy, and entitled to vote thereon, voting together as a single
class.
THE BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE “AGAINST” THIS
PROPOSAL.
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