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April 23, 2008

Textron shareholders reject two proposals

A labor union came close to winning a shareholder proposal at today’s annual shareholders meeting of Textron.

Proposals from shareholders that are not supported by management typically fail. That was the case today for proposals from two separate shareholder groups.

One, from a group of religious organizations, called on Textron to issue a detailed report on the company’s foreign sales of weapons and related items. About 93 percent of shareholder votes were lodged against that proposal, according to preliminary results announced at the meeting.

The second proposal, from the American Federation of State, County and Municipal Employees, involved executive pay. It urged Textron to adopt a policy against most tax “gross-up” payments to executives. About 56 percent of shareholder votes were against that proposal.

Looked at another way, about 44 percent of shareholder votes were recorded in favor of the proposal – “a high number,” said Lewis B. Campbell, Textron chairman, president and chief executive officer.

Representatives of the shareholder groups said they would continue to work with Textron – and with many other publicly traded companies – to try to bring about changes they favor.

By Neil Downing

Posted by John Kostrzewa  at 12:37 PM | Permalink

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