Updated with correction
Fifth Third shareholders on Tuesday approved a proposal sponsored by the $558 million United Brotherhood of Carpenters and Joiners of America Pension Fund, Washington, calling for formalizing into the corporate bylaws a policy requiring a majority vote to elect directors.
Also defeated were a proposal to hire an investment bank to seek the sale or merger of Fifth Third to maximize shareholder value and another calling for a report on the implications of climate change on the company.
Shareholders also ratified the companys 2008 executive compensation in a non-binding vote required for recipients of federal bailout money.
The results for the proposals were provided in a company statement.
Specific tallies of the voting wont be available until May when the company files its 10-Q financial report, said Whitney Ellis, assistant manager-public relations.