Aimia's biggest shareholder says it wasn't consulted on 2 new board members
The largest shareholder of Aimia Inc. says the company did not consult it regarding the appointment of two new directors to its board on Monday.
Mittleman Brothers LLC says its representative on the board — Phil Mittleman — was only told of the proposed appointments on Sunday and formally dissented.
The loyalty rewards company named former Scotiabank executive Dieter Jentsch and Frederick Mifflin, vice-chair and partner at investment bank Blair Franklin Capital Partners, to its board on Monday.
The appointments came as the company faces pressure from a group of shareholders who are calling for a redo of Aimia's annual meeting that was held last month that they say was "plagued with irregularities."
Aimia has said the June meeting was conducted in accordance with all applicable rules and regulations.
Mittleman said it believes directors should be elected by shareholders and not appointed after the fact. It added that given its recent actions, the board should not assume support from Mittleman.