NII Holdings Inc. (NASDAQ:NIHD)’s most recent regulatory filing contained a number of important disclosures. The company reported about the employment agreement of certain of its officers, shareholder approval for how frequent executive compensation should be reviewed. The filing also reported about the selection of the company’s public accountant.
NII Holdings Inc (NASDAQ: NIHD) said that its board had amended the terms of termination of employment for its CEO, CFO and General Counsel. According to the newly approved employment termination agreement, target termination date for the CEO, Steven M. Shindler, has been set on November 1, 2016. For the CFO, Daniel F. Freiman and General Counsel Smith, the target termination date is April 1, 2017. The prior target termination date for the officers was November 13, 2015.
Despite the reaching new termination agreements, NII Holdings said in the regulatory filing it had not been determined when the termination will actually occur. It is not clear whether the company will be providing a follow-up filing on the employment termination issue.
During NII Holdings’ recent annual shareholder meeting, Shindler was approved to sit on the company’s board.
Annual advisory vote on executive compensation
On the issue of executive compensation, shareholders favored an annual review of the compensation terms over the options that asked for review after every two years or three years.
Who’s the company’s public accountant?
Shareholders of NII Holdings Inc (NASDAQ: NIHD) voted to approve KPMG LLP as the company’s independent auditor for 2016.
What transpired in 1Q2016 with NII Holdings Inc. (NASDAQ: NIHD)?
NII Holdings Inc. (NASDAQ: NIHD) reported consolidated operating revenue of $227 million, but logged an operating loss of $54 million. The company also reported an increase in subscribers in certain segments of its business.
NII Holdings closed the latest quarter with cash and equivalents of $368 million with the management further disclosing that up to $227 million in cash was in escrow. The company also managed to pay down some of its debts during 1Q2016.