Mobile Mini Adopts Majority Voting Standard for Election of Directors and
Other Shareholder Friendly Corporate Governance Policies
TEMPE, Ariz. -- March 11, 2014
Mobile Mini, Inc. (Nasdaq GS:MINI) today announced that its Board of Directors
has amended the Company's bylaws to adopt a majority voting standard for the
election of Directors. The new standard is effective immediately and will
apply to all future elections of Directors.
The Company's majority vote standard requires each nominee for election to the
Board to receive a majority of the votes cast in order to be elected to the
Board. Previously, Directors were elected under a plurality vote standard, in
which candidates receiving the most votes were elected, regardless of whether
those votes constituted a majority. Plurality voting still will apply in
contested elections, where the number of Director candidates exceeds the
number of available Director positions.
Additionally, the Board has adopted policies that it believes further enhance
the Company’s corporate governance standards and are aligned with the
interests of shareholders. These policies will take effect immediately and are
outlined as follows:
*Executive Compensation Clawback Policy – The Board adopted a policy that
will enable the Company to reclaim previously awarded compensation from
executives who are found to have engaged in willful fraud or the
intentional manipulation of performance measures.
*Director & Officer Stock Ownership Requirements – The Board increased the
stock ownership requirements for its Directors to 5 times annual cash
compensation and adopted new stock ownership requirements for its
corporate officers. These guidelines require the holding of vested equity
having a value of 5 times base salary for the CEO, 3 times base salary for
the CEO’s direct reports and 1 times base salary for other officers of the
*Auditor Employment Restriction – The Board adopted a policy restricting
the hiring of former employees of the Company’s outside auditor.
Erik Olsson, Mobile Mini’s President & CEO, said, “As we endeavor to implement
best practices throughout our operations in order to drive the performance of
our business, it is only fitting that we also have corporate governance
practices in place which are considered best in class. We believe that these
new policies further enhance our corporate governance standards and are
consistent with our commitment to maximizing value for Mobile Mini’s
About Mobile Mini
Mobile Mini, Inc. is the world’s leading provider of portable storage
solutions. Mobile Mini is included on the Russell 2000® and 3000® Indexes and
the S&P Small Cap Index. For more information visit www.mobilemini.com.
Mobile Mini, Inc.
Mark Funk, 480-477-0241
Executive VP & CFO
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Fred Buonocore, 212-836-9607
Linda Latman, 212-836-9609
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