Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

During the week of May 10, 2015, 8-Ks were filed that disclosed 11 shareholder sponsored proxy access proposals passed and one failed.  All required three percent ownership for three years and all were opposed by the company (except for Republic Services, Inc. where the board remained neutral).  Details are as follows (percentages are based on the total of votes cast for and against):

Alexion Pharmaceuticals, Inc.  – 55% voted against (failed)

Anadarko Petroleum Corporation – 59% voted for (passed)

Anthem, Inc. – 67% voted for (passed)

Avon Products, Inc. – 76% voted for (passed)

CF Industries Holdings, Inc. – 57% voted for (passed)

Cimarex Energy Co. – 56% voted for (passed)

ConocoPhillips – 54% voted for (passed)

DTE Energy Company – 62% voted for (passed)

Duke Energy Corporation – 63% voted for (passed)

Hess Corporation – 51% voted for (passed)

Murphy Oil – 53% voted for (passed)

Republic Services, Inc. – 90% voted for (passed)

The shareholder sponsored proxy access proposal at Comstock Resources, Inc. was withdrawn prior to the meeting and no vote was taken.

Since April 19, 21 shareholder proxy access proposals have passed and ten have failed.

The trend is illustrated by the following table:

Week Proposals Passed Proposals Failed
April 19



April 26



May 3



May 10




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