Proxy Access – Week of May 10 – The Trend is Clear

Stinson - Corporate & Securities Law Blog
Contact

During the week of May 10, 2015, 8-Ks were filed that disclosed 11 shareholder sponsored proxy access proposals passed and one failed.  All required three percent ownership for three years and all were opposed by the company (except for Republic Services, Inc. where the board remained neutral).  Details are as follows (percentages are based on the total of votes cast for and against):

Alexion Pharmaceuticals, Inc.  – 55% voted against (failed)

Anadarko Petroleum Corporation – 59% voted for (passed)

Anthem, Inc. – 67% voted for (passed)

Avon Products, Inc. – 76% voted for (passed)

CF Industries Holdings, Inc. – 57% voted for (passed)

Cimarex Energy Co. – 56% voted for (passed)

ConocoPhillips – 54% voted for (passed)

DTE Energy Company – 62% voted for (passed)

Duke Energy Corporation – 63% voted for (passed)

Hess Corporation – 51% voted for (passed)

Murphy Oil – 53% voted for (passed)

Republic Services, Inc. – 90% voted for (passed)

The shareholder sponsored proxy access proposal at Comstock Resources, Inc. was withdrawn prior to the meeting and no vote was taken.

Since April 19, 21 shareholder proxy access proposals have passed and ten have failed.

The trend is illustrated by the following table:

Week

Proposals Passed

Proposals Failed

April 19

2

4

April 26

2

2

May 3

6

3

May 10

11

1

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Stinson - Corporate & Securities Law Blog | Attorney Advertising

Written by:

Stinson - Corporate & Securities Law Blog
Contact
more
less

Stinson - Corporate & Securities Law Blog on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide