A potential battle is brewing at First Foundation after the Dallas company invalidated an attempt by an activist investor to have individuals stand for board election.
The $13 billion-asset company disclosed in a regulatory filing that it determined that Driver Management’s nomination notice was “materially deficient” and that its window for accepting nominations had closed.
“Driver does not have the right to nominate any candidates for election as directors at the 2023 annual meeting,” the filing said.
Driver planned to nominate Allison Ball and Lila Flores for the company’s board. First Foundation said that Driver sent notice on Feb. 22 letter that Flores had requested that her nomination be withdrawn.
“Driver additionally confirmed … that it does not believe that the company has a reasonable basis on which to reject its nominations and that it fully intends to pursue its contested solicitation at the 2023 annual meeting,” the filing said.