Union Pacific: How I Voted

Union Pacific is one of the stocks in my portfolio. Their annual meeting is coming up May 5. Today is the last day to vote my proxy on the MoxyVote.com platform.

ProxyDemocracy.org had only one fund voting when I looked yesterday, CBIS.

MoxyVote.com had seven recommendations, although three were from voting consolidations for categories. I Voted in favor of John Chevedden’s proposal for an independent chair. I will always vote in favor of such resolutions, except, perhaps, in very unusual situations.

I voted against the executive compensation package based on the $15M pay package for CEO/Chair James R. Young shown in last year’s CD&A, well over the mean. I just can’t see paying anyone over $15 million. As I’ve discussed before (Just How Clever Are Directors on Pay Issue?), high executive pay is problematic to both the corporation and society for many reasons. I’ve decided, at least for now, the best way to counter the “Lake Wobegone effect” of pay ratcheting ever higher is to vote down almost all packages above the mean. That’s what I’ve done at Union Pacific.

1ELECTION OF DIRECTOR: A.H. CARD, JR.
2ELECTION OF DIRECTOR: E.B. DAVIS, JR.
3ELECTION OF DIRECTOR: T.J. DONOHUE
4ELECTION OF DIRECTOR: A.W. DUNHAM
5ELECTION OF DIRECTOR: J.R. HOPE
6ELECTION OF DIRECTOR: C.C. KRULAK
7ELECTION OF DIRECTOR: M.R. MCCARTHY
8ELECTION OF DIRECTOR: M.W. MCCONNELL
9ELECTION OF DIRECTOR: T.F. MCLARTY III
10ELECTION OF DIRECTOR: S.R. ROGEL
11ELECTION OF DIRECTOR: J.H. VILLARREAL
12ELECTION OF DIRECTOR: J.R. YOUNG
13RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
14AN ADVISORY VOTE ON EXECUTIVE COMPENSATION ( SAY ON PAY ).
15AN ADVISORY VOTE ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON EXECUTIVE COMPENSATION ( SAY ON FREQUENCY ).
16COMPANY PROPOSAL TO AMEND THE COMPANY S ARTICLES OF INCORPORATION TO REDUCE SHAREHOLDER VOTING REQUIREMENTS RELATED TO: ACTIONS ADVERSELY AFFECTING PREFERRED STOCK.
17COMPANY PROPOSAL TO AMEND THE COMPANY S ARTICLES OF INCORPORATION TO REDUCE SHAREHOLDER VOTING REQUIREMENTS RELATED TO: REMOVAL OF DIRECTORS.
18COMPANY PROPOSAL TO AMEND THE COMPANY S ARTICLES OF INCORPORATION TO REDUCE SHAREHOLDER VOTING REQUIREMENTS RELATED TO: CHANGING THE AUTHORIZED AMOUNT OF CAPITAL STOCK.
19SHAREHOLDER PROPOSAL REGARDING AN INDEPENDENT DIRECTOR TO SERVE AS CHAIRMAN OF THE BOARD IF PROPERLY PRESENTED AT THE ANNUAL MEETING.

 

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