Early indications are that the 2010 proxy season will be at least as busy, if not more so, than last year when more than 640 shareholder resolutions were voted on at U.S. companies writes Mike Ryan of Manifest’s US partners, ProxyGovernance. Labor unions, public pension funds and other corporate governance advocates, having seen support for key issues such as independent chairs and executive compensation climb markedly in 2009, look to be coming back with more of the same. In particular, compensation-related resolutions will center on say on pay, golden coffins, clawbacks and equity retention. We also expect increased efforts to appoint independent board leaders and continued support for majority voting in director elections.

Meanwhile, SRI-related proponents, who enjoyed an uptick in support last year – bucking predictions that support would wane amid the recession – look set to intensify efforts to push sustainability-themed resolutions into the investment mainstream.

Here’s a preview of what is coming up over the next month:

Company	Meeting Date	Proposal Description	Note
Walgreen Co	Jan 13	Eliminate Supermajority Vote	Support for proposals averaged more than 70% last year – making it the highest vote getter in 2009
		Award Performance-Based Compensation	Return after one-year hiatus; resolutions led by building trade union funds
		Review/Report on Charitable Activities	Average support for these proposals increased to 31% in 2009
Woodward Governor	Jan 22	Eliminate Classified Board	First resolution at the company since 2003; support for proposals averaged 65% last year
Hormel Foods Corp	Jan 26	Review/Report on Animal Welfare	Graphically disturbing supporting statement from PETA
Johnson Controls Inc	Jan 27	Adopt Majority Vote to Elect Directors	Support for such proposals averaged nearly 60% last year; 50% of S&P 500 companies have adopted
Becton Dickinson	Feb 2	Adopt Majority Vote to Elect Directors	1st time submission; historically responsive to majority votes
		Adopt Cumulative Voting	Submitted consecutively since 1997; rec’d 43% support last year
Oshkosh Corp	Feb 4	Adopt Majority Vote to Elect Directors	First year proposal; company has resignation policy in bylaws
Tyson Foods Inc	Feb 5	Report on Prevention of Runoff and other Forms of Water Pollution	Regular target of SRI related proposals – company facing various performance, governance and compensation issues
		Expand Report on Sustainability
		Report on Use of Antibiotics in Animal Feed
Rockwell Collins Inc	Feb 9	Allow Advisory Vote on Executive Compensation	Although expected to be legislated, shareholder proposals continue – average support 45% in 2009
Jack In the Box Inc	Feb 10	Allow Advisory Vote on Executive Compensation	First time shareholder proposal will come to vote at company
Apple Inc	Feb 25	Report on Sustainability	Similar proposal received 8% support last year

For more information please contact Mike Ryan or Allie Monaco at ProxyGovernance on +1 (703) 245 5808

Last Updated: 8 January 2010