Activist investor Steel Partners Holdings is urging InMode Ltd. shareholders to reject two proposals at the July 30 Annual General Meeting. The firm opposes the re-election of director Dr. Hadar Ron and a $212,000 special committee compensation package.
Steel Partners claims Dr. Ron lacks independence due to long-term business ties with CEO Moshe Mizrahy. The activist also argues the $212,000 compensation request exceeds InMode’s internal policy limits.
The special committee reportedly rejected every proposal it reviewed during the period in question. Proxy advisory firm Glass, Lewis & Co. supports the campaign and recommends voting against Dr. Ron.