Abercrombie & Fitch Co. shareholders Thursday approved by a vote of 55.3% in favor a proposal sponsored by the New York City Retirement Systems and two other pension funds, calling for proxy access to enable shareholders to nominate directors using corporate proxy materials.
The $28.5 billion Connecticut Retirement Plans & Trust Funds, Hartford, and the $4.3 billion Philadelphia Public Employees Retirement System joined the five New York City pension funds whose combined assets total $150 billion, in sponsoring the proposal.
The C$219.1 billion (US$202.4 billion) Canada Pension Plan Investment Board, Toronto; $183.8 billion California State Teachers' Retirement System, West Sacramento; $181.9 billion Florida State Board of Administration, Tallahassee; C$140.8 billion Ontario Teachers' Pension Plan, Toronto; $104.1 billion State of Wisconsin Investment Board, Madison; and $14.6 billion Illinois State Board of Investment, Chicago, all supported the proposal.
Abercrombie & Fitch opposed the proposal, which would enable shareholders holding at least 3% of the stock for three years to nominate up to 25% of the 12-member board.
“With regard to proxy access, the board will consider the outcome of the vote and determine the best course of action in the best interests of all shareholders,” said a company statement Friday.
In other voting, despite pension fund opposition, shareholders re-elected as directors Archie M. Griffin, senior vice president of alumni relations at The Ohio State University and former star football running back; Michael E. Greenlees, CEO of Ebiquity PLC, and Craig R. Stapleton, senior adviser to Stone Point Capital LLC. All are independent directors.
CalSTRS, FSBA and ISBI voted against the re-election of Mr. Griffin. CalSTRS also opposed Messrs. Greenless and Stapleton.
The pension funds' proxy votes are from their proxy-voting disclosures.
The proxy-voting results are from a company filing with the Securities and Exchange Commission.
