NEW YORK -- The Teachers Insurance Annuity Association-College Retirement Equities Fund announced the shareholder resolution it submitted to The Lubrizol Corp., Wickliffe, Ohio -- asking the company to redeem or put to a shareholder vote its dead-hand poison pill -- was supported by 68% of the shares voted at the annual meeting, according to a preliminary count by the company.
This follows the April 22 vote of shareholders at the annual meeting of Bergen Brunswig Corp., Orange, Calif., in which 74% of the shares voted approved a similar resolution.
"These votes show that dead-hand poison pills are completely unacceptable to shareholders," said Peter Clapman, TIAA-CREF general counsel.
In this proxy season, TIAA-CREF filed shareholder resolutions regarding the pills with 10 companies. Seven revoked the provisions, obviating the need for a shareholder vote, and TIAA-CREF is waiting to hear from one other company.