Changes to SEC disclosure rules effective Feb. 28, 2010 require US listed companies to disclose the results of their meetings within four business days. This means that we are able to provide an overview of the season in a more-timely manner. PGI has put together a summary of the results for some of the more common shareholder proposals below. But keep in mind that the week of May 24 is the busiest of the year for US meetings; the results for meetings held in this week may affect some of the outcomes provided below. A full proxy season review will be available to PGI and Manifest customers after the end of the season.
Votes provided for the shareholder proposals are based on a majority of the votes cast for and against. For 2010, we have included meetings from Jan. 1, 2010 through June 30, 2010; 2009, however, represents full year data. Numbers in parenthesis represent those for which votes results are available.
|
Issue |
Proposals |
Average |
Majority |
| Adopt Say on Pay | |||
|
2010 |
55 (41) |
45% |
9 |
|
2009 |
80 |
45% |
23 |
|
Eliminate Classified Boards |
|||
|
2010 |
44 (36) |
59% |
21 |
|
2009 |
74 |
65% |
50 |
|
Allow Shareholders to Call Special Meetings |
|||
|
2010 |
43 (35) |
45% |
11 |
|
2009 |
60 |
51% |
33 |
|
Appoint Independent Board Chair |
|||
|
2010 |
38 (28) |
30% |
1 |
|
2009 |
39 |
34% |
5 |
For more information contact Allie Monaco at ProxyGovernance Inc on +1 (703) 245 5755
Last Updated: 28 May 2010
I’m disappointed to see votes in favor of these resolutions dropping. I suspect shareowners give less support to such measures with stock prices rising. Too bad.