Gillette Co. shareholders voted 63% in favor of a proposal calling for directors to be elected annually, the second year in a row the non-binding proposal has gotten a majority of the proxy votes, said Patricia Klarfeld, spokeswoman for the Boston-based company.
Large pension sponsors that voted for the proposal included the $131 billion California Public Employees Retirement System, Sacramento, and the C$66.2 billion ($48.2 billion) Ontario Teachers Pension Plan, Toronto. It was sponsored by Walden Asset Management, Christian Brothers Investment Services and Calvert Asset Management. The board will reconsider the proposal at a later date, Ms. Klarfeld added.
Shareholders defeated another proposal calling for expensing stock option grants; the vote was 58% to 42%. The $1.3 billion Carpenters Pension & Annuity Funds, Wilmington, Mass., sponsored the proposal.