The FINANCIAL — Shareowners of UPS on May 7 elected a Board of Directors for a one-year term. Twelve directors stood for election to the Board and all were elected by substantial margins.
The twelve include: Chairman Scott Davis, David Abney, Rodney Adkins, Michael Burns, Bill Johnson, Candace Kendle, Ann Livermore, Rudy Markham, Sandy Randt, John Stankey, Carol Tomé, and Kevin Warsh.
The shareowners also approved the proposal for the 2015 Omnibus Incentive Compensation Plan (ICP). The proposal is generally put forth every three years to obtain shareholder authorization for the equity awards grants under the ICP. The appointment of Deloitte & Touche to serve as the Company’s independent auditors for 2015 was ratified by a wide margin, according to UPS.
UPS shareowners rejected a shareholder proposal that would have required additional disclosure concerning the company’s government affairs and lobbying activities in excess of current requirements. The Board, which exercises independent oversight of all UPS lobbying and political contributions and expenditures, had recommended that shareholders vote against this proposal on the grounds that UPS already has effective policies for the appropriate disclosure and oversight of the company’s lobbying and political activities.
Also rejected was the shareholder proposal that sought to require the board to reduce the voting power of Class A stock from 10 votes per share to one vote per share.
The shareholder proposal regarding tax gross-ups to senior executives was withdrawn by the proponents before the shareholder meeting.