Consolidated Water Comments on ISS and Glass Lewis Reports and Urges Stockholders to Vote “FOR” Re-Election of Its Highly Qualified Directors

Consolidated Water’s directors standing for re-election bring world-class backgrounds and relevant expertise to effectively oversee the Company’s activities

GEORGE TOWN, Cayman Islands, May 20, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, today issued the following statement commenting on the reports issued by Institutional Shareholder Services (“ISS”) and Glass Lewis regarding the Company’s May 28, 2024 Annual General Meeting of Shareholders:

The Company strongly disagrees with the recommendations to withhold votes from Linda Beidler-D’Aguilar, Brian E. Butler and Leonard J. Sokolow for re-election to the Company’s Board of Directors (the “Board”). For the reasons provided below, as well as those provided in the Company’s definitive proxy statement filed on April 18, 2024 (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”), the Company urges shareholders to vote “FOR” each of the nominees for election, including Ms. Beidler-D’Aguilar, Mr. Butler and Mr. Sokolow.

Linda Beidler-D’Aguilar

The ISS and Glass Lewis recommendations against the re-election of Ms. Beidler-D’Aguilar are due to her attendance at less than 75% of the aggregate number of (a) the total number of meetings of the Board and (b) the total number of meetings of all committees of the Board on which she served (collectively, the “Aggregate Meetings”) held during 2023. Despite not meeting the 75% threshold, Ms. Beidler-D’Aguilar attended 69% of the Aggregate Meetings. Importantly, one of the meetings that she missed was convened on only two days’ notice, and she already had a previous commitment that could not be changed. Had she been able to attend that one meeting, she would have attended over 75% of the Aggregate Meetings held during 2023. Further, shareholders should know that Ms. Beidler-D’Aguilar has attended 87% of the Aggregate Meetings held from November 2018 to the date of this press release.

Ms. Beidler-D’Aguilar has made a commitment to the Company to attend at least 75% of the Aggregated Meetings during 2024 and each following year. As evidence of that commitment, Ms. Beidler-D’Aguilar has attended 100% of the Aggregate Meetings held to date during 2024.

The Board believes that it is important that Ms. Beidler-D’Aguilar be re-elected because of her more than 35 years of experience as an attorney; her legal, business and financial knowledge acquired during that period; and her knowledge of, and business contacts in, the Caribbean. Although Ms. Beidler-D’Aguilar has served on the Board for coming up on six years, she has been involved with the Company’s operations in The Bahamas since 1994, resulting in over 30 years’ experience, history and knowledge with the Company.