Google Inc. shareholders Wednesday re-elected all directors despite opposition to several nominees, including Sergey Brin, co-founder of the company, from major pension funds, including CalSTRS, Canada Pension Plan Investment Board and State of Wisconsin Investment Board.
In addition, shareholders approved the executive compensation of Larry Page, CEO and co-founder, Eric E. Schmidt, executive chairman, Mr. Brin and three other senior executives, even though pension funds opposed the pay package.
All shareholder proposals were rejected, including one calling for the adoption of a set of principles to address the impact of Google's tax strategies on society, which was rejected by a vote of 93%, receiving the least support among the resolutions.
Other shareholder proposals — calling for equal share voting stock to end Google's dual class stock structure, disclosure of lobbying activities and payments, requiring a majority vote of shareholders to elect directors and requiring an independent chairman of the board — were all rejected by against votes, respectively, of 76%, 86%, 75% and 87%.
The $183.3 billion California State Teachers' Retirement System, West Sacramento, $201.5 billion ($184.9 billion) Toronto-based CPPIB, $104.1 billion Madison-based SWIB and $1 billion American Federation of State, County and Municipal Employees Pension Plan, Washington, all voted to withhold on the re-election of Mr. Brin.
In addition, CalSTRS, SWIB and the AFSCME plan voted to withhold on the re-election of L. John Doerr and Ann Mather.
CalSTRS and SWIB also withheld on Paul S. Otellini. CalSTRS withheld on John L. Hennessy, and Shirley M. Tilghman.
The $178.6 billion Florida State Board of Administration, Tallahassee, withheld on Mr. Hennessy and Ms. Mather, while SWIB and the AFSCME plan also withheld on K. Ram Shriram.
The AFSCME plan also withheld on Messrs. Page and Schmidt.
CalSTRS, SWIB and FSBA voted against the executive compensation.
All the pension funds, expect for the AFSCME plan, voted against the tax principles proposal. All the funds, except for SWIB, voted in favor of the lobby disclosure proposal. All pension funds voted in favor of the other shareholder proposals.
David C. Drummond, Google senior vice president, corporate development and chief legal officer, announced the preliminary voting results Wednesday at the company's annual meeting, giving tallies only on the shareholder proposals.
The pension fund voting is based on their proxy-vote disclosures.
