Iss Board News

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”). The current Chief Financial Officer, Chris Whiteside, has been appointed as acting Chief Executive Officer. Captain Claus Hyldager is now serving a period of garden leave and will assist with an orderly handover. A special committee of the ISS Board will oversee the search for a permanent CEO with the assistance of a leading executive search firm. The ISS Board thanked Captain Claus Hyldager for his invaluable contributions to ISS over the past twenty years…

Transocean Ltd. commented on a report issued by proxy advisory service Institutional Shareholder Services (ISS) regarding the company's Annual General Meeting, which will be held on May 17, 2013. "Transocean strongly disagrees with ISS's decision to reject only one of Icahn's three nominees, particularly due to their lack of relevant experience and their affiliations with Mr. Icahn. Transocean does not believe that Icahn or his nominees have offered a plan or strategy for the company other than the extraction of an unsustainable dividend that the company believes would be detrimental to shareholder value, and which ISS sensibly rejected.

Change in Organization’s Bylaws Specify Revised Board Tenure and Structure. The ISS (International Superyacht Society) announces its 2012-2015 Board of Directors and Past Presidents Council. ISS elections are held annually by peer selection. During 2011, ISS membership ratified changes to the Association’s Bylaws which now state that a total of 24 elected Board members will serve three-year terms. During the 2012, 2013 and 2014 election cycles, the ISS Board will be in transition. For the current year and based on a democratic voting system, ISS members have awarded eight Board positions for three years and four Board positions for one-year terms with the opportunity to re-run for the 2013-2016 term.

The International Superyacht Society (ISS) is pleased to announce the appointment of its 2012 Officers and Executive Committee. The Officers include the President, Vice President, Treasurer and Secretary who are distinguished superyacht industry leaders elected by the organization’s Board of Directors and who will serve a one-year term at which time they may be re-elected to the same post for not more than three consecutive years. The ISS Executive Committee is comprised of the Officers, a Board Representative—who is appointed by the incoming President—and the Past President. The Board of Directors election is held annually in January. The new Board is seated on 1 February with eight directors elected to serve three-year terms.