This week in AGMs
This past and upcoming week in shareholder meetings - what happened, what to expect
Programming note: Provided proxy season volumes, focusing solely on shareholder proposals for this week’s TWAGM.
If you missed it, catch last week's TWAGM here
This past week:
Shareholder proposals at…
Dominos Pizza DPZ 0.00%↑ - Simple majority vote: MAJ VOTE, 98.8% (board proffered no recommendation)
Warrior Met Coal HCC 0.00%↑ (see The Activist Investor summary of this meeting and why it was unique)
Adopt a “poison pill” bylaw provision: MAJ VOTE, 51.3%
Adopt a “proxy access” bylaw provision: MAJ VOTE, 99.2% (board recommended FOR)
Adopt a “blank check” preferred stock amendment: 22.4%
Adopt a “golden parachute” severance agreement policy: 3.9%
Freedom of association and collective bargaining assessment: 46.1%
Nstar Electric NSARP - Simple majority vote: MAJ VOTE, 95.7%
Johnson & Johnson JNJ 0.00%↑ - Gender-based compensation gaps and associated risks: 3.9% (anti-ESG proponent)
Spirit Aerosystems Holdings Inc SPR 0.00%↑ - Transparency in Political Spending: 45.3%
Centerpoint Energy CNP 0.00%↑ - Setting Additional Interim and Long-Term Scope 3 Emissions Goals: 12.5%
Leidos LDOS 0.00%↑ - Special shareholder meeting improvement: 25%
Pfizer PFE 0.00%↑
Independent Board Chair: 34.9%
Congruency Report on Political, Lobbying, Electioneering Expenditures: 14.2%
Report on Corporate Contributions: 3.8% (anti-ESG proponent)
Badger Meter BMI 0.00%↑ - Eliminating Discrimination through Inclusive Hiring: 12.1%
Intuitive Surgical ISRG 0.00%↑ - Racial and gender pay gap report: 32.9%
Fastenal FAST 0.00%↑ - Simple majority vote: 40.6% (company noted, however, the proposal “was not properly presented for a vote because the proponent failed to present the proposal personally or through a qualified representative at the Annual Meeting”)
HCA Healthcare HCA 0.00%↑ (largest shareholder, Hercules Holding II, owns 26% of HCA, maintains board representation, and is connected to the founder of the company)
Risk mitigation regarding state restrictions for emergency abortions: 8.1%
Patient feedback regarding quality of care: 15.3%
Maternal health outcomes: 8.4%
International Business Machines IBM 0.00%↑
Report on Lobbying Activities: 37.7%
Report on Congruency in China Business Operations and ESG Activities: 5.6% (anti-ESG proponent)
Right to Act by Written Consent: 43%
Report on Climate Lobbying: 31.8%
Adoption of Greenhouse Gas Emissions Targets: 30.8%
PepsiCo PEP 0.00%↑
Shareholder ratification of excessive golden parachutes: 6.6%
Report on gender-based compensation gaps and associated risks: 1.9% (anti-ESG proponent)
Director election resignation bylaw: 17.9%
Third-party assessment on non-sugar sweetener risks: 11.5%
Report on risks related to biodiversity and nature loss: 18.4%
Third-party racial equity audit: 20%
Report on risks created by the Company's diversity, equity and inclusion efforts: 2.8% (anti-ESG proponent)
Global transparency report: 14.9%
Capital One Financial COF 0.00%↑
Setting of Near- and Long-Term Greenhouse Gas Emission Reduction Targets: 10.1%
Respecting Workforce Civil Liberties: 0.9% (anti-ESG proponent)
Director Election Resignation Bylaw Proposal: 10.2%
Wells Fargo & Co. WFC 0.00%↑
Annual Report on Prevention of Workplace Harassment and Discrimination: 28.2%
Third-Party Assessment of Respect for Freedom of Association and Collective Bargaining: 30.3%
Report on Respecting Indigenous Peoples’ Rights: 23.9%
Audit of Climate Transition Policies: 2.6% (anti-ESG proponent)
Annual Climate Lobbying Congruency Report: 27.4%
Annual Report on Congruency of Political Spending and Corporate Values: 24.7%
Transparency in Lobbying Annual Report: 35.4%
Report on Risks of Politicized De-Banking: 2.8% (anti-ESG proponent)
Citigroup C 0.00%↑
Independent Board Chairman: 15.8%
Report on the effectiveness of Citi’s policies and practices in respecting Indigenous Peoples’ rights in Citi’s existing and proposed financing: 26%
Report to shareholders on the risks created by the Company’s diversity, equity, and inclusion efforts: 1.2% (anti-ESG proponent)
Report on risks of politicized de-banking: 1.7% (anti-ESG proponent)
Report disclosing the Board’s oversight regarding the material risks associated with animal welfare: 7.7%
Exelon EXC 0.00%↑ - Right to call a special shareholder meeting: 34%
Paccar PCAR 0.00%↑ - Report on climate-related policy engagement: 28.5%
Molina Healthcare MOH 0.00%↑ - Simple majority vote: 9.2% (the lowest support this type of proposal has received this season; however, when you review the company’s rebuttal in the proxy, they make clear this was a poorly targeted proposal)
MGM Resorts International MGM 0.00%↑ - Risks created by the Company's diversity, equity and inclusion efforts: 1.8% (anti-ESG proponent)
General Dynamics GD 0.00%↑ - Shareholder ratification of excessive golden parachutes: 3.6%
Lockheed Martin LMT 0.00%↑
Report on Alignment of Political Activities with Human Rights Policy: 12.3%
Report on Reducing Full Value Chain GHG Emissions: 32.2%
Proposal Requesting Reduction in Threshold to Call Special Stockholder Meetings: 37.9%
Huntington Ingalls Industries HII 0.00%↑ - Science-based Greenhouse Gas Reduction Targets and Transition Plan: 28.1%
Weis Markets WMK 0.00%↑ (39.4% inside ownership)
Report on steps the Company is taking to address climate-change related risks in its Supply Chain: 7.6%
Report on steps the Company is taking to prioritize the humane treatment of animals in its Supply Chain: 1.9%
Coca-Cola KO 0.00%↑
Risks Created by the Company’s Diversity, Equity and Inclusion Efforts: 1.6% (anti-ESG proponent)
Report on Non-Sugar Sweeteners: 10.7%
Report on Risks Caused by the Decline in the Quality of Accessible Medical Care: 9.3%
Interesting filings this past week…
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