 |
Sarbanes-Oxley News & Developments
Shareholders Can Not Be IgnoredThe number one subject of shareholder resolutions might not be what you would think.
> > Boosted by corporate scandals as well as increasing involvement by labor unions, consumer groups, and other organizations, the number of shareholder resolutions that have been received majority support in 2003 has already surpassed the number for all of 2002, according to a report by Institutional Shareholder Services.
A total of 139 resoultions have received majority support as of August 5th, compared to 106 last year. More than 40 shareholder resolutions target executive pay and have received majority support in 2003, compared to 3 in 2002. Another 30 resolutions calling for expensing of stock options - a resolution allowed onto proxy ballots by the SEC for the first time this year - have received majority support. Previous years companies were allowed to exclude such resolutions from their proxy materials.
This year also marks the first with more than 1,000 proposals submitted by shareholders, an increase of about 25% compared to last year.
Source: CFO
Published:2003-08-19
|
|
