Chipotle Mexican Grill Inc. shareholders at the company’s annual meeting Wednesday rejected two proxy access proposals, including one co-filed by the $163.4 billion New York City Retirement Systems, $56 billion UAW Retiree Medical Benefits Trust, Ann Arbor, Mich., and $5 billion Philadelphia Public Employees Retirement System.
The $305.3 billion California Public Employees’ Retirement System, Sacramento, lent its support to the pension funds’ access proposal in a solicitation urging other shareholders to vote in favor of it.
Shareholders also defeated a board-sponsored proxy access proposal, according to Chris Arnold, Chipotle communications director, who provided preliminary voting results from the company’s annual meeting. Tallies for the proxy access proposals were not available.
The $191.2 billion California State Teachers’ Retirement System, West Sacramento; $185.1 billion Florida State Board of Administration, Tallahassee; the C$154.4 billion ($127 billon) Ontario Teachers’ Pension Plan, Toronto; and $106.2 billion State of Wisconsin Investment Board, Madison, as well as proxy-voting advisory firms Institutional Shareholder Services and Glass Lewis & Co. supported the pension funds’ access proposal and opposed the board-sponsored access proposal.
On other proposals, Chipotle shareholders ratified by a vote of 95% the $28.9 million pay package for Steve Ells, chairman and co-CEO, as well as the pay of three other top executives.
CalSTRS, FSBA and SWIB voted against the executive pay plan, while CalPERS and OTPP supported it. Both ISS and Glass Lewis supported the pay plan as well.
All other shareholders proposals were rejected. All nominees for director were elected with at least 95% of the vote. CalSTRS withheld its votes on the election of two directors, while SWIB withheld votes on the election of three directors, including Mr. Ells. ISS and Glass Lewis endorsed all nominees for director.
