James River (JRVR) Prnewswire·2025-03-14 13:00Core Viewpoint - The shareholders of James River Group Holdings, Ltd. express strong discontent regarding the Board's decision to increase cash incentive awards for management despite the company's significant underperformance, including a 59% decline in share price and a 30% drop in book value over the past year [2][3]. Group 1: Shareholder Concerns - Shareholders, holding nearly 2% of the company's outstanding shares, are shocked by the Board's announcement of discretionary bonuses totaling approximately 0.20 per share to $0.05 per share to improve its financial situation, raising concerns about the appropriateness of management bonuses equating to the reduced dividend [4]. - The shareholders emphasize that management should prioritize maximizing shareholder value rather than enriching themselves at the shareholders' expense, especially in light of the company's poor performance [4][5]. Group 3: Board Accountability - The majority of the Board owns less than 0.5% of the company's outstanding shares, with most shares received as compensation rather than purchased, leading to questions about their incentive to improve company performance [5]. - The shareholders request an explanation from the Board regarding their decision to reward management despite the company's underperformance and suggest that any bonuses should be in the form of incentive stock options tied to performance metrics [6][7]. Group 4: Future Actions - The shareholders expect a prompt response from the Board and a commitment to prioritize capital preservation, indicating readiness to take further steps to hold the Board accountable [8].