US - Blockbuster has agreed to act on a proposal from the New York City Employees' Retirement System (NYCERS) allowing its shareholders to cast an annual advisory vote on executive pay.
"Allowing shareholders an opportunity to express their views on executive pay, by casting an advisory vote on proposed compensation of senior corporate executives, is a much needed, important corporate governance reform."
Blockbuster agreed that, starting with its 2009 shareholder meeting, it would submit a non-binding resolution to ratify the compensation of the named executive officers set forth in the proxy statement's Summary Compensation Table.
Prior to the 2009 shareholders meeting, Blockbuster will amend its corporate governance guidelines to establish a committee of directors to meet with shareholders to address their concerns with respect to compensation should the non-binding executive compensation resolution not be ratified.
In addition, it will inform shareholders of these actions in its 2008 proxy statement.
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