Companies Fight Back Against Chevedden; Unions and Social Investors Ramp Up Push on Corporate Political Spending
by James R. Copland
April 02, 2014
This report previews the 2014 proxy season, the period between mid-April and late June when most public companies hold annual meetings. In recent years, such meetings have witnessed an increase in shareholder activism, including, but not limited to, shareholder resolutions introduced on proxy ballots to be voted on by owners of companies’ shares. These shareholder resolutions have sought to: change board structure or other corporate-governance mechanisms; modify executive-compensation practices; or address a host of social and political issues. Part I of this report reviews the complete 2013 shareholder-proposal record, including submission trends, voting trends, proposal sponsorship, and proposal subject matter. Part 1 also examines corporate efforts to fight back against the most active sponsor of shareholder proposals, John Chevedden. Part II of the report examines early shareholder voting results for companies holding annual meetings by March 10, 2014. It also highlights issues to monitor in the coming proxy season.