Honeywell International shareholders narrowly defeated a proposal from the $860 million American Federation of State, County and Municipal Employees Pension Plan, Washington, calling for an end of tax gross-up payments to cover tax liability of senior executives, according to a company statement issued Tuesday. The proposal was approved by 49.16% of the vote.
A proposal sponsored by the $35 million AFL-CIO Reserve Fund, Washington, urging adoption of health-care principles, including universal coverage, was also defeated by a 91.59% vote.
Shareholders approved, by a 50.55% vote, a proposal calling for an annual advisory vote on executive compensation.
A proposal permitting shareholders with 10% of the stock the power to call a special shareholder meeting lost in a close vote, 49.64% in favor vs. 50.36% against.
A proposal for cumulative voting for directors was defeated 33.41% to 66.59%.
All the directors were elected with a vote of at least 70.16%.
The corporate governance and responsibility committee will review the matters considered at the annual meeting and report its recommendations to the full board, Robert C. Ferris, Honeywell spokesman, said in a statement, which didnt give a time frame.
Honeywells annual meeting was Monday. All results are preliminary.