Bitfarms (BITF) Announces Results of Annual Shareholders' Meeting
Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin mining company, has announced the results of its annual general and special meeting of shareholders held virtually on May 31, 2024. The meeting, attended by shareholders representing 39.8% of the company's issued and outstanding common shares, saw significant decisions impacting the company's board and future operations, according to GlobeNewswire.
Board Elections and Changes
During the meeting, shareholders elected four directors for the coming year. The elected directors and their votes are as follows:
| Nominee | Votes For | Votes Against |
| Nicolas Bonta | 82,364,315 | 7,117,680 |
| Andres Finkielsztain | 81,170,259 | 8,311,737 |
| Emiliano Joel Grodzki | 33,957,229 | 55,524,769 |
| Edith M. Hofmeister | 63,902,867 | 25,579,129 |
| Brian Howlett | 81,169,394 | 8,312,604 |
Notably, Emiliano Grodzki, a co-founder of Bitfarms, did not secure re-election to the board. The company expressed gratitude for Grodzki's contributions and stated they are seeking a suitable candidate to enhance the board's skill set and address independence concerns raised by proxy advisory firms.
Auditor Reappointment and Other Resolutions
Shareholders approved the reappointment of PricewaterhouseCoopers LLP as the company's auditors for the coming year, with 145,721,819 votes in favor and 3,774,608 votes withheld. Additionally, an ordinary resolution to renew Bitfarms' long-term equity incentive plan was passed with 53,277,873 votes for and 36,204,123 against.
Company Officers
The list of officers for Bitfarms includes:
- Nicolas Bonta - Chairman, Interim President & CEO
- Jeffrey Lucas - Chief Financial Officer
- Benjamin Gagnon - Chief Mining Officer
- Benoit Gobeil - Executive Vice President Operations and Infrastructure
- Marc-André Ammann - Senior Vice President of Finances and Accounting
- Philippe Fortier - Senior Vice President of Corporate Development
- Tracy Krumme - Senior Vice President, Head of Investor Relations
- Damian Luis Polla - General Manager LATAM Operations
- Paul Magrath - Vice President Taxation & Sustainability
- Patricia Osorio - Vice President & Corporate Secretary
- Andrea Keen - Vice President of Human Resources
- Stephanie Wargo - Vice President of Marketing and Communications
- Guillaume Reeves - Vice President Information Technology
- Jeff (Jun Feng) Gao - VP of Risk Management and Optimization
About Bitfarms
Founded in 2017, Bitfarms is a vertically integrated Bitcoin mining company that operates 12 facilities across Canada, the United States, Paraguay, and Argentina. The company is committed to using sustainable energy, predominantly hydroelectric power, for its mining operations. Bitfarms' proprietary data analytics system is designed to optimize operational performance and uptime.
Bitfarms continues to expand its operations and develop new facilities, reinforcing its position in the global Bitcoin mining industry. The company's commitment to sustainable energy sources aligns with the growing emphasis on environmentally friendly practices in the cryptocurrency sector.
Future Developments and Outlook
Bitfarms is actively seeking to fill the board vacancy left by Emiliano Grodzki's departure and aims to strengthen its governance structure. The company also remains focused on leveraging its sustainable energy resources to enhance its mining capabilities and operational efficiency.
The recent shareholder meeting underscores Bitfarms' ongoing efforts to align with shareholder expectations and regulatory requirements, ensuring a robust framework for future growth and development in the rapidly evolving cryptocurrency landscape.