A majority of Shaw Group shareholders today voted in favor of a proxy proposal calling for an end to “golden coffin” payments made following the death of senior executives, said Christopher Sammons, vice president-investor relations at the company.
The payments aren’t related to earned compensation.
Of all votes cast, 66.7% were in favor of the proposal, according to a statement by Amalgamated Bank, which submitted the proposal. Mr. Sammons said the vote tally wasn’t available from Shaw Group.
Amalgamated’s $229 million LongView Midcap S&P 400 index fund owns 30,500 shares of the company.
The proposal calls for Shaw’s board to seek shareholder approval for such payments.
Mr. Sammons said the board would take the vote under consideration, but didn’t give a timetable.
Amalgamated spokesman Christopher Smith didn’t respond to an e-mail seeking comment.
