International Business Machines Corp. shareholders today voted 51.07% to 48.93% in favor of a proposal calling for a majority vote to elect directors. The nonbinding proposal was sponsored by the $558 million United Brotherhood of Carpenters and Joiners of America Pension Fund, Washington. The IBM board, which opposed the proposal, will take the voting result under consideration, said Fred McNeese, IBM spokesman, who provided the preliminary proxy-voting results. The board gave no timetable for a decision, he added.
The other shareholder proposals were defeated.
A proposal on employee benefits which would allow all employees to choose the pension and retirement medical insurance under the terms in effect before IBM adopted changes in 1995 and 1999 was defeated 88.5% to 11.5%. A proposal to exclude pension income in determining executive pay was defeated 57.23% to 42.77%; and a proposal to allow cumulative voting for directors was defeated 56% to 44%.
All company proposals, including those involving amendments to incorporation, were approved, receiving at least 78.18% of the vote.
The $241.1 billion California Public Employees Retirement System, Sacramento, voted its 7.7 million shares in favor of all board and shareholder proposals, according to a CalPERS statement.