Texas Pacific Land Corporation - A Remarkable Company with Abhorrent Governance. Texas Pacific Corporation Is a 100+ year old company, which started out as a trust, but converted to a C-Corp. in January of 2021, after a long fight between the legacy trustees and a couple of long-time shareholders who went active on the Trust. Note that these long-time shareholders are not activists but were just shareholders tired of the shareholder unfriendly decisions of the legacy trustees. The point of this article is not to give an in-depth history of the legacy trustees’ / current board’s actions, but to look at the recent proxy released on September 16, 2022. I’ll go through each of the items in the proxy; however, for more history on the past actions of the trustees/board, see the great blog on company, https://tpltblog.com/.
Such a great newsletter; thanks for writing it!