Teamster Shareholder Proposal for Independent Board Chair Receives High Vote
At FedEx Corporation's annual meeting today the Teamsters' shareholder proposal to appoint an independent board chairman received 35 percent support according to results announced at the meeting. This marks a big leap in investor support for the proposed reform which received 27 percent support in 2009.
Excluding shares held by FedEx founder, Chairman and CEO Fred Smith and his business enterprises, 38 percent of the votes cast were in favor of the Teamsters' proposal—a significant vote for change on the FedEx Board.
"Shareholders are growing tired of Chairman Smith's stranglehold on the FedEx board," said Teamsters General Secretary-Treasurer C. Thomas Keegel. "It's time for independent board leadership at FedEx."