Saturday July 26, 2014

FedEx nixes shareholder proposals

FedEx shareholders’ support of a proposal to require the company to appoint an independent director as chairman decreased to 28.5 percent from last year’s almost 37 percent approval.

“Support slipped among FedEx shareholders Monday for proposed changes in the company’s corporate governance and reporting of political donations,” confirms the Memphis Commercial Appeal. The votes came during an annual shareholders meeting held at the FedEx Express headquarters in Memphis. An International Brotherhood of Teamsters measure that would have provided for an independent director to serve as a company chairman garnered just 28.5 percent support compared to last year’s almost 37 percent affirmative vote. The measure would have diminished Chairman, President, and CEO Frederick Smith’s role at the company. “Another proposal,” the publication noted, “calls for increased transparency on political contributions with corporate funds, including listing of recipients and amounts as well as naming the executive responsible for the decision to make each contribution.” That measure mustered 25.5 percent support versus 27.7 percent a year ago. FedEx management opposed both measures.

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