Initial 2013 Annual Meeting Results: Six Board Declassification Proposals Passed with Average Support of 79%
The Harvard Law School Forum on Corporate Governance and Financial Regulation 2013-03-06
Although the 2013 proxy season is still in its early stages, board declassification proposals submitted by the Shareholder Rights Project (SRP) on behalf of SRP-represented investors have already gone to a vote at the 2013 annual meetings of six S&P 500 and Fortune 500 companies, and these proposals all passed by substantial majorities, receiving average support of 79% of votes cast.
This result continues the strong record of success for SRP-represented investors in 2012, and reflects the on-going strong support for board declassification among institutional investors. The table below provides information concerning these six precatory declassification proposals that passed.
DECLASSIFICATION PROPOSALS GOING TO A VOTE SO FAR IN 2013Company Proponent % of Votes Cast in Favor Air Products and Chemicals, Inc. (APD) PRIM 80.2% Ashland Inc. (ASH) PRIM 82.6% Costco Wholesale Corporation (COST) PRIM 71.9% Jacobs Engineering Group Inc. (JEC) PRIM 82.2% Rockwell Collins, Inc. (COL) PRIM 83.0% Varian Medical Systems, Inc. (VAR) PRIM 74.8% Average: 79.1%