Kimberly Sherertz, the largest shareholder in Vancouver-based Barrett Business Services Inc., isn’t letting up on her move to shake up the firm’s management.
In a filing with the U.S. Securities and Exchange Commission on Wednesday, Sherertz said Barrett’s rules spelling out how executives will be compensated in case the company is taken over need to be changed “to conform with industry standards and best practices for the mutual benefit of BBSI’s management, its board and shareholders.”
Sherertz, who, along with other shareholders, launched a proxy battle on Nov. 21, also took aim at Barrett’s golden parachutes — lucrative payouts given to senior executives when a company is acquired by another firm, resulting in the loss of those executives’ jobs.
If control of Barrett changed hands, then its executives would be eligible for such a payout for three years after the deal closed, Sherertz said. That needs to change to reflect “industry norms,” Sherertz said.