Investors appear to be narrowing their scope when it comes to shareholder resolutions involving the right to call special meetings, experts say. Fewer proposals have been introduced this year, but those that have gone to a vote have seen a higher rate of support, suggesting that investors are targeting companies where they think they may be able to win.
One such company is Occidental Petroleum, which is now facing a lawsuit filed by Carl Icahn. The activist investor is demanding a books and records inspection over the energy giant’s deal to buy Anadarko Petroleum, which he opposes. The lawsuit suggests Icahn plans to call a special meeting to replace directors. A shareholder proposal to lower the ownership threshold to call a special meeting passed at Occidental’s annual meeting last month.
Similar resolutions on calling a special meeting of investors have passed at several companies this proxy season, Icahn or no.
Compensation committees at S&P 500 companies are increasingly tying annual bonuses to measures beyond financial…
The pay gap between CEOs and their employees has widened over the past half decade,…
Chip maker Broadcom gave Hock Tan, its chief executive, a $161 million stock award, instantly…
Elon's Musk's $56 billion pay package's upheaval, a hedge fund sanctioned for failing to preserve…
Disclosures about directors' skills and expertise are increasingly coming under the microscope as investors ramp…
On Jan. 1, several of the nation's biggest companies — including Morgan Stanley, Kraft Heinz,…