TIAA-CREF’s efforts to sponsor shareholder resolutions at SBC Communications Inc. and Siebel Systems Inc., asking to de-emphasize the use of executive stock options without performance hurdles, was upheld by the SEC, according to Peter C. Chapman Sr., senior vice president and chief counsel of corporate governance. The companies sought to keep the resolutions off their proxy statements. TIAA-CREF objects to the overreliance on such megagrants because they have no downside risk; it prefers that executive options be performance-based.
SBC’s annual meeting is April 25, when shareholders will vote on the resolution. The date for the Siebel meeting hasn’t been set. Officials at SBC and Siebel didn’t return calls seeking comment by press time.
