MINNEAPOLIS, June 2, 2015 /PRNewswire/ -- GWG Holdings, Inc. ("GWG" or the "Company"), a leader in the emerging secondary life insurance market, announced today the results of its 2015 Annual Meeting of Shareholders held on June 1, 2015. All seven directors, including the four independent directors, were re-elected for another year of Board service. The shareholders also ratified the appointment of the Company's financial auditor, Baker Tilly Virchow Krause, LLP, and adopted an amendment to the Company's 2013 Stock Incentive Plan.
In addition, the Company announced that its Board of Directors amended its Bylaws to reflect the growing sentiment and intent of Delaware's governing bodies by revising Article 7 of its Bylaws. Specifically, Article 7 was revised to (i) remove the fee-shifting obligation in shareholder lawsuits that do not result in a judgment in full, (ii) appoint Delaware as the exclusive jurisdiction in shareholder lawsuits, and (iii) remove the requirement that at least three percent of the outstanding shareholders must provide written consent to commence shareholder litigation.
"While the Board amended the Company's Bylaws in 2014 in an effort to deter frivolous shareholder claims, the fact is it might have had the opposite effect, and given the sentiment in the Delaware legislature regarding such provisions, we wanted to be proactive as a Company and up to date with Delaware's corporate shareholder rights," added Jon Sabes, "In retrospect, it's clear that the Delaware courts and corporate laws already allow for multiple avenues to deter frivolous lawsuits and punitive means to those who bring them."
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