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, all submitted on behalf of the Massachusetts Pension Reserves Investment Management Board (PRIM).
DECLASSIFICATION PROPOSALS GOING TO A VOTE SO FAR IN 2013
Company | % of Votes Cast in Favor |
Air Products and Chemicals, Inc. (APD) | 80.2% |
Ashland Inc. (ASH) | 82.6% |
Costco Wholesale Corporation (COST) | 71.9% |
Jacobs Engineering Group Inc. (JEC) | 82.2% |
Rockwell Collins, Inc. (COL) | 83.0% |
Varian Medical Systems, Inc. (VAR) | 74.8% |
Average: | 79.1% |