Westmoreland Shareholders Defeat Proxy Access Proposal
Westmoreland Coal Company (NasdaqGM:WLB) today announced that its shareholders defeated the New York City Comptroller’s proxy access proposal by greater than 60% of the votes cast on the proposal at the 2015 Annual Meeting of Shareholders.
“We thank our shareholders for their overwhelming support to defeat the proposal offered by the Comptroller of the City of New York,” stated Richard Klingaman, Chairman of the Board. “We opposed that proposal because of its specifics and motivations, but not because we disagree about the importance of proxy access. The board will consider this issue further. The board and management remain committed to shareholder interests of good corporate governance, transparency, and creation of long-term value. We do what we say we will do.”
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland’s coal operations include sub-bituminous and lignite surface coal mining in the Western United States and Canada, an underground bituminous coal mine in Ohio, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, formerly Oxford Resource Partners, LP, a publicly-traded coal master limited partnership with six mining complexes. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com.
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