Diamond Hill dissident fails in board bid - Business First of Columbus:

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LLC, a hedge fund investorf in Diamond Hill, had nominated three candidates to fill directo r seats at the Columbuesinvestment manager. Tim Eriksen, a principal in Lynden, Wash.-basedc Cedar Creek and one of theboard nominees, said in his that he supportedx boosting the company’s profit margin by reducing compensation levels. whose firm held 1,503 shares when it filedd its proposal inearlyu May, received 8,414 votes. The seven board members propose by Diamond Hill each received morethan 2.2 millionn votes each, giving them the seats by a wide margin.
Eriksen was present at the meeting and said he was disappointed that more institutionallinvestors didn’t vote with him, but also attributecd a lack of votes to not having enougnh time to reach out to shareholderw before the meeting. Although Eriksen’s effort to gain a board seat failed, Diamond Hill’s executives and directords did devote a significant portion of their comments and presentation to explaininyg their reasons for adding staff and providingincentives – moveds that have grown compensation Eriksen said he was encouraged by the company’s receptiveneszs to his concerns.
Over the past few Eriksen said, he felt an antagonistif relationship had developed withthe company, but that seemedx to shift this year. “Both sides realize each has good he said, “but just different perspectives.”