Daily insight, 16 Jun

All three proposals at the 11 Jun meeting passed. (1) All 9 directors were re-elected, including new nominee Kofi Amoo-Gottfried, former CMO of DoorDash (1,517,440,666 votes for and only 527,806 abstentions, close to unanimous). (2) KPMG was reappointed as auditor (99.9% in favour). (3) The advisory say-on-pay vote passed with 1,506,477,171 for and 11,181,420 against (about 99.3%). In May the 272:1 CEO pay ratio (Dudum's $22.96 million) had at one point triggered a 15% sell-off, yet the vote still passed overwhelmingly.

The dual-class share structure makes shareholder votes largely symbolic. Class V shares (Dudum holds 8.37 million) carry 175 votes each, about 1.466 billion votes in total, while Class A shares carry 1 vote each, only 222.5 million votes. That means Dudum alone controls about 87% of the voting power. However heated the pay controversy or the political pressure (Jim Banks), opposition votes cannot change the outcome at the governance level. For minority shareholders this cuts both ways: founder-led long-termism is insulated from short-term noise, but external accountability barely works. Dudum's own re-election saw 13.03 million shares abstain (Class A holders voicing discontent, but a small proportion).

The US and Iran reached a peace deal and the Strait of Hormuz reopened, sending US stocks sharply higher across the board (confirmed by Benzinga). HIMS technicals are in 'repair mode': above the 20-, 50- and 100-day moving averages ($25.89, $25.63 and $23.49) but still below the 200-day at $33.57, with a neutral RSI of 52. The appointment last week of new CMO Vinjamoori (a peptide and longevity specialist) is still giving support.

This move includes market beta. Do not credit all of it to fundamentals.

RSU exercise or vesting (13,696, 14,343 and 3,656 units), as routine director compensation.

Not a signal.