Monday, July 16, 2007
This year's proxy season saw more behind the scenes discussions among investors and corporate management about corporate governance issues and less posturing at the shareholders' annual meetings, according to the Wall St. Journal. Twenty-four percent of shareholder proposals were withdrawn as of July 6, suggesting that changes in policy had been agreed to in advance of the meeting. At least 70 companies agreed to adopt a majority-vote requirement for directors' elections. See WSJ, Firms, Investors Trying More Talk, Less Acrimony.