<SEC-DOCUMENT>0001214659-24-006328.txt : 20240408
<SEC-HEADER>0001214659-24-006328.hdr.sgml : 20240408
<ACCEPTANCE-DATETIME>20240408161053
ACCESSION NUMBER:		0001214659-24-006328
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240408
DATE AS OF CHANGE:		20240408
EFFECTIVENESS DATE:		20240408

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PREFORMED LINE PRODUCTS CO
		CENTRAL INDEX KEY:			0000080035
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				340676895
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31164
		FILM NUMBER:		24829684

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 91129
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44101
		BUSINESS PHONE:		440-461-5200

	MAIL ADDRESS:	
		STREET 1:		660 BETA DRIVE
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44143

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Illinois State Treasurer's Office
		CENTRAL INDEX KEY:			0001739791
		ORGANIZATION NAME:           	
		IRS NUMBER:				550895818
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		400 W MONROE ST
		STREET 2:		SUITE 401
		CITY:			SPRINGFIELD
		STATE:			IL
		ZIP:			62704
		BUSINESS PHONE:		(312) 814-8950

	MAIL ADDRESS:	
		STREET 1:		100 W. RANDOLPH ST., SUITE 15-600
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Preformed Line Products Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Illinois State Treasurer Michael Frerichs</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of person relying on exemption:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Illinois State Treasurer Michael Frerichs, 555 W. Monroe Street, 14<SUP>th</SUP> Floor, Chicago, IL 60661</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Notice and the attached written materials are filed pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the
Rule, but is made voluntarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 8, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fellow shareholders of Preformed Line Products Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We write to urge you to vote FOR Proposal Number Three on the Company&rsquo;s
2024 proxy, a proposal that recommends the Board of Directors prepare a report on steps that Performed Line Products Company (the &ldquo;Company&rdquo;)
is taking to enhance board diversity. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolved clause of our proposal states,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Shareholders request the Board of Directors prepare a report
by January 2025, at reasonable expense and omitting proprietary information, on steps Preformed Line Products Company is taking to enhance
board diversity, such as:</I></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Embedding in governance documents a commitment to diversity inclusive of gender, race, and ethnicity;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Committing publicly to include women and people of color in each candidate pool for board and senior leadership seats; and</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Detailing board strategies to reflect the diversity of the company&rsquo;s workforce, community, and customers.&rdquo;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal, which was submitted by the Office of the Illinois State
Treasurer, is grounded in our assessment that diversity among directors, inclusive of gender, race and ethnicity, is a critical attribute
of a well-functioning board and a material factor of long-term corporate financial performance. This position is well-supported by a wealth
of academic and practitioner research.<SUP>1, 2, 3, 4, 5, 6, 7, 8 </SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-size: 10pt">&ldquo;Diversity Wins,&rdquo;
McKinsey &amp; Company, May 2020, page 13. Available at https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Diversity%20and%20Inclusion/Diversity%20wins%20How%20inclusion%20matters/Diversity-wins-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">How-inclusion-matters-vF.pdf<FONT STYLE="color: #0562C1"><U>.
</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-size: 10pt">&ldquo;Diversity Matters
Even More: The Case for Holistic Impact,&rdquo; McKinsey &amp; Company, December 5, 2023. Available at: https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yaron
Nili, &ldquo;Beyond the Numbers: Substantive Gender Diversity in Boardrooms,&rdquo; October 20, 2017, available at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3117131.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">Ouni, Z.; Ben Mansour, J.;
Arfaoui, S. &ldquo;Corporate Governance and Financial Performance: The Interplay of Board Gender Diversity and Intellectual Capital,&rdquo;
November 16, 2022, available at: https://doi.org/10.3390/su142215232. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> &ldquo;The Tipping Point: Women on Boards and Financial
Performance,&rdquo; MSCI, December 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="font-size: 10pt">Rajalakshmi Subramanian,
&ldquo;Lessons from the Pandemic: Board Diversity and Performance, BoardReady, July 13, 2021, available at: https://uploads-ssl.webflow.com/61d633fd6b59246c2dc62e98/6271a21dc04d2e13529daa84_BoardReady_Report_Final.pdf.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <FONT STYLE="font-size: 10pt">&ldquo;Does Ethnic Diversity
on Corporate Boards Affect Stock Prices?&rdquo; Morgan Stanley, 2022. Available at Ethnic Board Diversity &amp; Stock Performance | Morgan
Stanley. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-size: 10pt">&ldquo;Is Your Board Inclusive
&mdash; or Just Diverse?&rdquo; Harvard Business Review, September 28, 2022, https://hbr.org/2022/09/is-your-board-inclusive-or-just-diverse.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preformed Line Products Company is a notable laggard when it comes
to board diversity</B>. The Company currently has one woman and no racially or ethnically diverse directors on its Board of Directors,
with includes nine members. On gender diversity, a majority of Russell 3000 companies now have three or more women directors,<SUP>9</SUP>
leading to Russell 3000 companies having an average of 29 percent female board members.<SUP>10</SUP> On racial and ethnic diversity, Russell
3000 companies have an average of 19 percent racially or ethnically diverse directors.<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company will soon be required to provide relevant reporting
as a Nasdaq-listed firm</B>. Since the Company is listed on the Nasdaq, it will be required to have two diverse directors or explain why
it does not by August 6, 2025.<SUP>12</SUP> Given the forthcoming reporting requirement, it is prudent for the Company to more fully disclose
and better inform investors of its efforts to enhance board diversity, including, but not limited to, whether or to what extent the Company
has (a) devised specific strategies to increase board diversity; (b) committed to include qualified racially, ethnically, and/or gender
diverse candidates for every open board seat; and (c) embedded in governance documents a commitment to board diversity inclusive of gender,
race, and ethnicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders will benefit from increased reporting on the Company&rsquo;s
efforts to improve its board diversity</B>. We recognize that the Company&rsquo;s Nominating Committee, as stated in its proxy statement,
&ldquo;considers diversity in its evaluation of candidates and is committed to expanding the Board&rsquo;s diversity.&rdquo;<SUP>13</SUP>
While we appreciate that that the Company is not silent on the issue of board diversity, the Company has not provided investors with substantive
disclosure on its efforts to enhance board diversity. For example, the Company &ldquo;does not have a policy specifically focused on the
consideration of diversity&rdquo;<SUP>14</SUP> as acknowledged in the proxy statement, and the diversity of the Company&rsquo;s board,
in terms of gender, race and ethnicity, has not improved in recent years. Nor does the Company inform shareholders why it does not have
a board diversity policy despite its stated commitment to increase the board&rsquo;s diversity and considering the Company&rsquo;s lack
of improvement over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal seeks to better understand what steps the Company has
taken to enhance board diversity and fulfill its stated commitment. Many investors consider it best practice to (a) publicly disclose
board strategies to increase board diversity; (b) adopt a policy to ensure the inclusion of qualified racially, ethnically, and gender
diverse candidates for every open board seat; and (c) maintain a commitment to board diversity inclusive of gender, race, and ethnicity
in pertinent governance documents. <SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="font-size: 10pt">&ldquo;US Public Company
Board Diversity in 2023: How Corporate Director Diversity Can Contribute to Board Effectiveness,&rdquo; November 24, 2023. Available at:
https://corpgov.law.harvard.edu/2023/11/24/us-public-company-board-diversity-in-2023/. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="font-size: 10pt">50/50 Women on Boards,
&ldquo;GDI: Fourth Quarter 2023 Key Findings,&rdquo; available at: https://5050wob.com/wp-content/uploads/pdf/5050WOB-Q4_23_Infographic_Final_2.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="font-size: 10pt">&ldquo;Nasdaq Diversity
Rules: A Quick Guide,&rdquo; Morgan Lewis, September 2021. Available at https://www.morganlewis.com/pubs/2021/09/nasdaq-diversity-rules-a-quick-guide.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="font-size: 10pt">Preformed Lines, 2024 Proxy
Statement, page 12. Available at </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/80035/000095017024035120/plpc-20240322.htm"><FONT STYLE="font-size: 10pt">https://www.sec.gov/ix?doc=/Archives/edgar/data/80035/000095017024035120/plpc-20240322.htm</FONT></A><FONT STYLE="font-size: 10pt">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="font-size: 10pt">Preformed Lines, 2024 Proxy
Statement, page 12. Available at </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/80035/000095017024035120/plpc-20240322.htm"><FONT STYLE="font-size: 10pt">https://www.sec.gov/ix?doc=/Archives/edgar/data/80035/000095017024035120/plpc-20240322.htm</FONT></A><FONT STYLE="font-size: 10pt">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <FONT STYLE="font-size: 10pt">For example &ldquo;Midwest
Investors Diversity Initiative,&rdquo; available at https://illinoistreasurer.gov/Financial_Institutions/Equity,_Diversity__Inclusion/Midwest_Investors_Diversity_Initiative
and &ldquo;Northeast Investors&rsquo; Diversity Initiative,&rdquo; available at https://portal.ct.gov/-/media/ott/nidi/northeast-investors-diverse-search-company-toolkit.pdf.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For example, adopting a policy that requires the consideration of qualified
racially, ethnically, and gender diverse candidates for every open director seat enhances the nomination process and assists nominating
committees in developing a diverse board. A study published by the <I>Harvard Business Review </I>found that including more than one woman
or person of color in a finalist pool changes the status quo and helps to combat unconscious bias among interviewers. Researchers found
that the odds of hiring a woman were 79 times greater when there were at least two women in the finalist pool, and the odds of hiring
a person of color were 193 times greater when there were at least two racially diverse candidates in the finalist pool.<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The nominating committees of 3D Systems, Amazon, Meta, Intel, Costco
Wholesale, Home Depot, CME Group, and Whole Foods, among many others, have all adopted such diverse search policies. Additionally, the
Business Roundtable calls on boards to &ldquo;develop a framework for identifying appropriately diverse candidates that allows the nominating/governance
committee to consider women, minorities, and others with diverse backgrounds as candidates for each open board seat.&rdquo;<SUP>17</SUP>
Establishing a diverse search policy within the corporate governance guidelines and/or relevant committee charter can be an important
step to reinforce companies&rsquo; governance practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge shareholders of Performed Line Products Company to support
<B>Proposal Three</B> as a means to enhance transparency, strengthen board governance processes, and provide shareholders with more information
to better assess the Company&rsquo;s approach to board composition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>IMPORTANT NOTICE:&nbsp;&nbsp;The cost of this communication is being
borne entirely by the Office of Illinois State Treasurer. The foregoing information may be disseminated to shareholders via telephone,
U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation
of authority to vote your proxy. Proxy cards will not be accepted by the Office of Illinois State Treasurer. To vote your proxy, please
follow the instructions on your proxy card. These written materials may be submitted pursuant to Rule 14a-6(g)(1) promulgated under the
Securities Exchange Act of 1934. The views expressed are those of the authors as of the date referenced and are subject to change at any
time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results.
These views may not be relied upon as investment advice. The information contained herein has been prepared from sources believed reliable
but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece
is for informational purposes and should not be construed as a research report.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <FONT STYLE="font-size: 10pt">Stefanie K. Johnson, David
R. Hekman, and Elsa Chan, &ldquo;If There&rsquo;s Only One Woman in Your Candidate Pool, There&rsquo;s Statistically No Chance She&rsquo;ll
Be Hired&rdquo;, Harvard Business Review, April 26, 2016, available at: https://hbr.org/2016/04/if-theres-only-one-woman-in-your-candidate-pool-theres-statistically-no-chance-shell-be-hired.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> Business Roundtable, &ldquo;Driving Diversity In the
Boardroom,&rdquo; available at: https://www.businessroundtable.org/driving-diversity-in-the-boardroom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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