June 20 — Overall support for proxy access shareholder proposals is lower this year compared to 2015, a mid-season report by Broadridge and PricewaterhouseCoopers found. According to the report, more than 30 proxy access shareholder resolutions have come to a vote so far this year, of which more than half failed to receive majority support. However, the study also found that many companies have voluntarily adopted proxy access bylaws, thus bypassing a shareholder vote (31 CCW 141, 5/4/16). In other findings, the report said that although fewer directors stood for election this year, more of them failed to achieve majority support compared to 2015.
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BNA's Corporate Counsel Weekly™
June 22, 2016
Shareholder Support for Proxy Access Falls, Report Finds