Wm. Wrigley Jr. Co. shareholders today voted in favor of a management proposal to increase the company's authorized common shares to 1 billion from 400 million, a move that was opposed by the California Public Employees' Retirement System, Sacramento. Chicago-based Wrigley asked for the additional shares to issue for possible acquisitions or other uses. The $182.9 billion CalPERS fund voted its 1.2 million shares against the proposal. "The company does not provide sufficient evidence of discipline on how the additional shares will be allocated. CalPERS believes this proposal could pose long-term harm to the company," according to a statement from the pension fund.
A shareholder proposal to change the proxy card to substitute the word "against" for "withhold" in voting for directors, allowing shareholders to express clear dissent on board candidates, was defeated. CalPERS supported that proposal.
Vote tallies were unavailable, said Kelly McGrail, Wrigley spokeswoman.