Aug 2 Drug distributor McKesson Corp
revealed shareholder voting results on Friday that showed all of
its directors, who faced opposition from prominent proxy
advisory firms and investors, were re-elected with solid
Compensation committee chairman Alton Irby was re-elected
with 60 percent of the votes cast in his favor, while corporate
governance committee head Jane Shaw was re-elected with 85
percent of votes.
Proxy advisory firm Glass Lewis and CTW Investment Group,
part of the Change to Win labor federation that includes pension
funds invested in McKesson, wanted Irby and Shaw out. They have
been critical of McKesson's executive compensation practices and
its inadequate response to shareholder proposals.
ISS, another proxy advisory firm, had also urged
shareholders to vote against the re-election of Irby, along with
compensation committee members Edward Mueller, Christine Jacobs
and David Lawrence.
McKesson's regulatory filing on Friday showed that Mueller,
Jacobs and Lawrence were re-elected on Wednesday with 71
percent, 67 percent and 68 percent of votes, respectively. ()
Shareholder concerns have primarily centered around the $158
million in lump-sum pension that Chief Executive John Hammergren
would have received if he had retired. Some investors also
protested Hammergren's dual chairman and CEO roles.
Hammergren's re-election to the board was supported by about
95 percent of votes cast at the meeting.
A proposal to approve, on an advisory basis, the
compensation of McKesson's executive officers did not receive
shareholder support, with 78 percent of the votes cast against