EQT Corporation issues letter to shareholders on board nominees
EQT Corporation issued a letter to shareholders regarding the company's 12 director nominees. Four new independent directors were appointed in connection with the midstream spin-off in 4Q18, and the Board's Corporate Governance and 2019 Annual Meeting Committees nominated three new independent director candidates to stand for election at the upcoming Annual Meeting. According to the letter, 9 of 12 directors will have direct oil and gas industry upstream experience; approximately 42% will be women; 9 of 12 will have been elected since 2017, with an average director tenure of just 2.3 years; 9 of 12 will have CEO or CFO experience, 6 at energy companies; 10 of 12 directors will be independent. The letter also highlights issues with the Toby Rice Group's nominees, whom the Board states "lack the independence, skills and experience to oversee EQT, and have clear conflicts and personal connections to the Rice family in addition to a history of poor corporate governance". The letter then urges stockholders to vote for EQT's nominees and not the Toby Rice Group nominees.