CVS Caremark to consider shareholder vote results

CHICAGO Wed May 6, 2009 1:50pm EDT

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CHICAGO May 6 (Reuters) - CVS Caremark Corp (CVS.N) shareholders voted on Wednesday to allow certain holders to call special meetings and give holders an advisory vote on executive compensation.

The drugstore and pharmacy benefits manager said the votes are not binding, but the company would consider whether the proposals were in its best interest.

Based on a preliminary tally, a majority of shareholders at CVS's annual meeting voted in favor of allowing holders of at least 10 percent of its common stock to call special meetings.

A majority also voted in favor of giving shareholders an advisory vote on executive compensation.

CVS held its annual meeting on Wednesday in Woonsocket, Rhode Island, a day after it posted a better-than-expected first-quarter profit. [ID:nBNG491584]

The company said shareholders rejected a proposal asking for CVS to designate an independent chairman. CVS Chief Executive Tom Ryan also serves as chairman and president.

Shareholders also rejected a proposal asking for a report on political contributions and expenditures, CVS said.

CVS said its board's nominating and corporate governance committee, and other committees, as appropriate, would consider the voting results on all of the shareholder proposals.

Shares of CVS slipped 11 cents to $31.69 in afternoon trading on the New York Stock Exchange. (Reporting by Jessica Wohl; Editing by Derek Caney)

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