Dissidents in Evidence at Sears Annual Meeting
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ATLANTA — Sears, Roebuck & Co. stockholders turned aside challenges to the company’s management Thursday, rejecting five dissident resolutions and reelecting three members of the retail and financial service conglomerate’s board.
But the dissident shareholders claimed victory, noting that they drew more than 40% of the votes on two proposals at Sears’ annual meeting.
“The message is that the shareholders are holding management accountable for a higher level of performance,” said activist shareholder Robert A. G. Monks.
The two resolutions advocated confidential voting by shareholders and annual election of all directors.
Another proposal, sponsored by the New York City Employees Retirement System, would have separated the posts of chairman and CEO. It received more than 27% of the votes cast.
Meanwhile, the three board members were reelected with only 5.8% of the ballots cast against them. The nation’s biggest public pension fund, the California Public Employees Retirement System, cast its 1.97 million shares against the three.
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