How I Voted at Goldman Sachs & 3M

At Goldman Sachs I voted down the line with AFSCME, with the help of ProxyDemocracy.org: withholding my vote from four directors, voting against the auditor and voting for all the shareowner resolutions, except one. You might think from its title that “Report on Global Warming Science” would be a something positive. It is not. Unfortunately, because I waited so long, hoping to get more voting advice from CalPERS and others, I couldn’t vote my shares using MoxyVote.com, so used the Broadridge platform, ProxyVote.com.

Thanks to Evelyn Y. Davis for the proposal on Cumulative Voting; the Maryknoll Sisters of St. Dominic for the proposal Regarding Collateral in Over-the-Counter Derivatives Trading; Christian Brothers Investment Services to Separate Chair & CEO; Domini Social Investments for their proposal Regarding a Report on Political Contributions; the Benedictine Sisters of Mt. Angel Regarding a Report on Pay Disparity; and John Harrington for his proposal Regarding Executive Compensation and Long-Term Performance. It is a difficult time to own Goldman Sachs. They aren’t used to be a public company. With shareowner input, I’m sure they can become an asset to our economy and still make money both for the forgotten shareowners and management.

For much more on these resolutions and quotes from proponents, read Goldman Sachs Faces the Music: Five Major Shareholder Resolutions From Religious, Socially Responsible Investors Reflect Main Street Values Amidst Concerns About Wall Street Abuses.

At 3M I couldn’t find any voting advice from my usual sources. I voted mostly with management except I voted against Buckley, Coffman, Farrell and Peters based on concerns raised by The Corporate Library. In addition, I voted in favor of Nick Rossi’s proposal to amend the bylaws and each appropriate governing document to give holders of 10% of our outstanding common stock (or the lowest percentage allowed by law above 10%) the power to call a special shareowner meeting. Working with John Chevedden, I’ve submitted similar proposals at other companies and view such provisions as essential to ensuring adequate shareowner voice, especially in case of emergency. I voted using MoxyVote.com.

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