IBM Corp. shareholders cast 83% of votes against a shareholder proposal requiring the company to exclude pension income from any executive compensation formula, according to the final vote count provided by the company following today’s annual meeting.
Three other shareholder proposals also were defeated, according to the company. A proposal calling for IBM to give all employees a choice on whether they want a cash balance plan and other retirement benefits lost with 88% of votes against; one calling for shareholder approval before adopting any poison pill lost with 67% of votes against; and one calling for IBM to limit director terms to six years lost with 95% of votes against.
