Somero Enterprises (AIM:SOM), a maker of laser-guided concrete levelling equipment listed on AIM, confirmed it has completed a shareholder consultation on governance changes first flagged on 5 June.
The Board approved doubling its 2026 share buyback programme from $6m to $12m, with purchases under the expanded scheme set to begin after interim results on 8 September.
Following the consultation, the Board will propose moving from plurality to majority voting in uncontested director elections, a shift towards standard UK-listed practice, alongside a two-year staggered re-election structure aligning with the 2023 QCA Corporate Governance Code.
The Certificate of Incorporation amendment requires shareholder approval at a Special Meeting, while the Bylaws change on majority voting falls within the Board's existing authority.
Howard Hohmann, Executive Vice President of Sales and a 28-year Somero employee, will step down from the Board to become Chief Commercial Officer, remaining involved in strategy and product development.
The search for an Independent Non-Executive Director to succeed Larry Horsch is expected to conclude in the coming weeks.
Separately, the Board confirmed it will not alter matters covered by Resolutions 1, 2, 3 and 7, which shareholders rejected at the June AGM, though feedback from that vote shaped the changes announced today.
"The proposed move to majority voting and shorter Board terms will strengthen accountability while preserving appropriate continuity and Board stability", said Chairman Bob Scheuer.
News Intelligence what this means for the company
Somero has doubled its 2026 buyback to $12m and committed to majority voting for director elections after completing a shareholder consultation, moves that address governance feedback from a June AGM where shareholders rejected four resolutions. Howard Hohmann will step down from the Board to become Chief Commercial Officer, marking the first concrete personnel change from the review flagged in July.
The buyback expansion—equal to the company's prior $6m commitment—signals confidence in valuation, while the governance shift toward majority voting and staggered re-election aligns Somero with standard UK practice. However, the Board's refusal to revisit the four rejected resolutions limits the scope of shareholder influence on the matters that prompted the June dissent.
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