On March 21, 2024, Cadence Design Systems, Inc announced that it has filed a definitive proxy statement soliciting proxies and urged the shareholders to vote against the proposal from John Chevedden, requesting the Company Board to adopt a policy to seek shareholder approval of senior managers? new or renewed pay package that provides for golden parachute payments with an estimated value exceeding 2.99 times the sum of the executive?s base salary plus target short-term bonus at the Company?s annual general meeting of shareholders scheduled to be held on May 2, 2024.