- Proof Mark, Inc. (PMI) has issued a formal letter to Salesforce CEO Marc Benioff expressing governance concerns.
- The company highlights Salesforce's board's lack of response to multiple fiduciary alerts issued under Delaware Chancery Court rules.
- PMI has launched a dedicated Substack platform to share ongoing disclosures and documentation with stakeholders.
Proof Mark, Inc. (PMI), a long-term partner and shareholder of Salesforce (CRM, Financial), has publicly issued an open letter to Salesforce's chairman and CEO, Marc Benioff. The letter raises serious operational and governance issues, which have been highlighted in a series of four Red Flag Notices. These notices adhere to the stipulations of the Delaware Chancery Court's ruling in cases like the McDonald's Corp. Stockholder Derivative Litigation.
Despite these alerts, Salesforce's board has maintained a silent stance for over 30 days, raising significant fiduciary concerns among shareholders, regulators, and stakeholders invested in the company’s governance and performance. As both a shareholder and Independent Software Vendor (ISV) partner, PMI offers a unique perspective on these emerging concerns.
To ensure transparency and ongoing information dissemination, PMI has established a Substack microsite. This platform will provide investors, partners, analysts, and other stakeholders with timely updates and access to critical materials. PMI urges all interested parties to review the available information to understand the potential implications for Salesforce's corporate governance. Full details can be accessed via PMI's Substack.
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