CloudMD Adopts Advance Notice Policy
CloudMD Software & Services has implemented an advance notice policy to streamline the nomination process for its Board of Directors. This policy is designed to provide shareholders with adequate notice and information about director nominees, facilitating informed voting. Nominations must be submitted 30 to 65 days prior to annual meetings, and within specific deadlines for special meetings. The policy was approved on July 7, 2021, and will require shareholder ratification at the next annual meeting. For further details, the policy is available on the company's profile at SEDAR.
- The advance notice policy enhances shareholder engagement and transparency in director nominations.
- Streamlined nomination process aims for orderly and efficient shareholder meetings.
- The policy requires nominations to be submitted well in advance, which may limit spontaneous nominations.
VANCOUVER, British Columbia, Oct. 05, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company transforming the delivery of care, announces that the Board of Directors of the Company has adopted an advance notice policy (the "Policy"). The purpose of the Policy is to provide shareholders, directors and management of CloudMD with a framework for nominating directors of the Company.
CloudMD is committed to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation. The Policy is intended to further these objectives.
The Policy, among other things, includes a provision that requires advance notice to the Company in certain circumstances where nominations of persons for election to the Board of Directors are made by holders of record of common shares of the Company. The Policy fixes certain deadlines by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company. No person will be eligible for election as a director of CloudMD unless nominated in accordance with the Policy.
In the case of an annual meeting of shareholders, notice to the Company must be received by the Company not less than 30 days and not more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be received by the Company not later than the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting) called for the purpose of electing directors (whether or not called for other purposes), notice to the Company must be received by the Company no later than the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Policy was approved by the Board of Directors on July 7, 2021 and is in full force and effect as of the date it was approved. Pursuant to the terms of the Policy, the Company will seek shareholder approval and ratification of the Policy at its next annual general and special meeting of shareholders (the “Meeting”). If the Policy is not confirmed at the Meeting, the Policy shall terminate and be of no further force and effect following the termination of the Meeting.
A copy of the Policy is available under the Company's profile at www.sedar.com and a copy and a summary of the Policy is included in the management information circular relating to the Meeting.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America. For more information visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
Forward Looking Statements
This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
FAQ
What is the advance notice policy adopted by CloudMD (DOCRF)?
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What happens if the advance notice policy is not ratified by shareholders?
