Daily Journal Corp. drops cumulative voting; authorizes buyback of up to 35,000 shares
At a September 10, 2026 special meeting, Daily Journal shareholders approved eliminating cumulative voting in director elections, and the amendment took effect September 11, 2026, alongside new bylaws that add proxy access and an exclusive South Carolina forum provision. The Board also authorized a share repurchase framework for up to 35,000 shares, running through September 30, 2027, with no obligation to buy and a director resignation policy that took effect September 10, 2026.
Key points
- Shareholders approved the amendment with 804,436 votes for, 21,786 against and 1,672 abstentions, out of 848,577 shares represented
- Amended bylaws allow passive shareholder groups owning at least 3% for three years to nominate two directors, and require nominations 60 calendar days before the prior year's annual meeting anniversary
- Repurchase framework permits buying up to 35,000 shares through September 30, 2027, but the Company is not required to buy any shares
- Directors must resign if they receive more "no" votes than "yes" votes in an uncontested election, subject to Board acceptance
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 11, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.