MKT Capital Completes Successful Withhold Campaign at Aurinia Pharmaceuticals
May 18, 2023
Following a successful withhold campaign by Olshan client MKT Capital, two directors of Aurinia Pharmaceuticals – the Chairman of the Board and the Chairman of the Compensation Committee – tendered their resignations after failing to receive the requisite majority vote. Shareholders also overwhelmingly voted down Aurinia’s say-on-pay proposal and an amendment to its equity incentive plan. MKT Capital launched its withhold campaign in an effort to combat egregious executive compensation practices and instill a sense of accountability in Aurinia’s boardroom. Vice Chair of Olshan’s Shareholder Activism Practice Group Ryan Nebel represented MKT Capital in its campaign.