The Results Are In!

In April, 771 Co-op members cast their votes during our annual election period. Members were asked to vote for the Board of Directors and to approve two amendments to our bylaws. Here are the results:

I Vote for the Following Candidates for the Board of Directors:

Benoit Roisin: 582
Elizabeth Blum: 573
Thomas Battles: 551
Ann Shriver Sargent: 536
Don Kreis: 501

Five candidates ran for five seats. The four candidates with the most votes will serve three-year terms; the fifth will serve a one-year term. Congratulations to the new members of our Board of Directors!

I Approve Proposed Amendments to the Bylaws Concerning B Shares:

Yes: 669
No: 21

What Does This Mean?

When Class B shares were issued in 2015, management believed the shares conformed to applicable tax and securities laws. However, after the shares were issued, New Hampshire Securities Bureau regulators concluded that, under certain circumstances, Class B shares must be issued with a fixed maturity date. During the election, 86.8 percent of voters approved the bylaw amendment that allows the Co-op to offer new, redeemable Class B shares with a fixed maturity date.

What happens now?

• Our Co-op will notify the New Hampshire Securities Bureau.
• The Board of Directors will determine a new maturity date.
• The Co-op will communicate the new maturity date to members and explain the process for exchanging shares.
• Members will have up to five years to exchange existing Class B shares for new, redeemable Class B shares. 
• The Co-op will provide annual reminders over that five-year period.

I Approve the Proposed Amendments to the Bylaws Concerning Board Terms and Elections:

Yes: 634
No: 51

What Does This Mean?

The Board recommended amendments to the Co-op bylaws to correct two problems concerning Board member terms and elections. During the election, 82.2 percent of voters approved the amendments.

What happens now?

Board terms will expire at the start of the first regular Board meeting following the election. Also, the Co-op Nominating Committee will be discontinued. A new Election Committee will standardize the work of encouraging members to become candidates, informing membership about candidates and organizing the election. The new Election Committee will not reject candidates. The Election Committee and Board will count on an informed membership to pick the right candidates. All new Board members will still need to pass the states’ background checks.

Learn More

Have questions about the Co-op elections? Anything else? Call us at (603) 640-6580 and speak to Member Services or email memberservices@coopfoodstore.com. Members, thank you for your votes!
 
  

 
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