US - The California Public Employees' Retirement System (CalPERS) claims a powerful message has been sent to UnitedHealth Group following a vote on its proposal aimed at giving shareholders more say on board nominees.
UnitedHealth Group shareholders ultimately defeated four proposals from investor groups at the company’s annual general meeting on May 29.
However, investors approved company-designed proposals aimed at increasing the board’s accountability to shareholders.
Meanwhile, the resolution from CalPERS reportedly received 42 %, which was said to be among the highest percentages of any shareholder proposal around the country this year.
The proposal from CalPERS asked UnitedHealth Group to allow shareholders who held at least 3% of the company’s stock for over two years to nominate two directors to the management’s election ballots.
The vote was supported by the California State Teachers’ Retirement System (CalSTRS)which also joined CalPERS in backing a similar proxy-access proposal at Hewlett Packard in March.
Richard Burke, chairman of UnitedHealth Group’s board reportedly said the company was gratified by the strong shareholder support for the firm and the solid progress it had achieved in the past year in corporate governance.
Investors approved company-designed proposals aimed at increasing the board accountability to shareholders.
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