SEOUL, South Korea--(BUSINESS WIRE)--ILJIN SNT Co., Ltd. ("ILJIN"), one of the largest shareholders of Aurinia Pharmaceuticals (NASDAQ: AUPH) ("Aurinia" or the "Company"), today issued an open letter to fellow shareholders. The full text of the letter is below.
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July 11, 2024
Fellow Aurinia Shareholders,
Last month, Aurinia (“Company”) announced the voting results of its 2024 annual general meeting of shareholders (“AGM”). The Company announced that four directors -- (i) Peter Greenleaf, President and CEO and a Director, (ii) Daniel G. Billen, Director and Chair of the Board, (iii) R. Hector MacKay-Dunn, J.D, Director, and (iv) Brinda Balakrishnan, Director -- received less than the majority support required under the Company’s Majority Voting Policy.
No doubt the AGM results are a step in the right direction for the future of Aurinia. In this connection, we call on the Company’s Board to honor the voices of shareholders as expressed through the AGM, and accept the resignations of the four directors in accordance with the AGM voting results. We fully expect the Board will change as a result of this vote and begin to serve as a strong, effective board in ensuring improved management performance and securing a breakthrough in the Company stock’s performance in the near future.
So, after months of efforts, including issuance of the three public letters, ILJIN simply wanted to express our sincere gratitude to our fellow shareholders for having the courage to step up and finally making our voices heard. Our collective actions prove that no longer can entrenched management get away with massive losses on shareholders without a consequence to their compensation from the Company, and no longer may the Company’s management enrich themselves through the unrestrained grant of free RSUs -- irrespective of the Company’s performance.
Now, the AGM has paved the path for a change to the Company’s Board, we will need new directors who could help the Company forge a new strategic direction and successfully implement the strategic change. In this respect, we intend to maintain our vigilance and continue to press for the Board to listen to the constituent shareholders both in the selection of the composition of the Company’s new Board and adoption of a new growth strategy for Aurinia. We implore the Company to take the necessary changes at the Company to restore shareholder value in the nearest future possible.
Together, we will make a difference to the future of Aurinia.