Thanks to Scott Hirst‘s articles and papers on the subject, I can borrow his catchy label for one of biggest current problems in corporate governance. Frozen charters are supermajority provisions that are impossible to repeal. He appears to attribute that to the 2012 change by the New York Stock Exchange (NYSE), which changed its policies to prohibit brokers from voting uninstructed shares on corporate governance proposals. I would lay a larger share of the blame on founders who wrote the frozen charters to forever retain a large degree of control. Regardless of who is to blame, frozen charters are a problem that needs fixed. Managers, boards, shareholders, Republicans and Democrats should all be able agree on a solution. Continue Reading →
Tag Archives | Johnson & Johnson
Sustainability innovation is powering business growth, according to a new research report. Between 2010 and 2013, revenues from company-defined portfolios of sustainable products and services grew by 91% among the companies examined in the report. For S&P Global 100 companies that break out revenue for sustainable products or services separately, that revenue stream grew at six times the rate of overall company results. Continue Reading →
Johnson & Johnson (JNJ), which researches, develops, manufactures, and sells various products in the health care field worldwide, is one of the stocks in my portfolio. Their annual meeting is coming up on 4/23/2015. ProxyDemocracy.org had the vote of three funds when I checked and voted on 4/17/2015. I voted with management 44% of the time and assigned Johnson & Johnson a proxy score of 44.
View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the Johnson & Johnson 2015 proxy in order to enhance corporate governance and long-term value. Continue Reading →
Johnson & Johnson $JNJ is one of the stocks in my portfolio. Their annual meeting is coming up on 4/24/2014. ProxyDemocracy.org had collected the votes of two funds when I checked and voted on 4/18/2014. I voted with management 67% of the time. View Proxy Statement, which is user friendly. Continue Reading →
Location: New Brunswick, NJ
Guest Post from Douglas K. Chia, Assistant General Counsel & Corporate Secretary, Johnson & Johnson and formerly named a Rising Star of Corporate Governance by the Ira M. Millstein Center for Global Markets and Corporate Ownership. I wish a representative of every company would send such a thoughtful response to my voting advice. I’ve placed my response in italics.
Here are some points of clarification on your recent post, “How I Voted: Johnson & Johnson (JNJ) – Proxy Score – 76%” (April 23, 2013):
Johnson & Johnson ($JNJ) is one of the stocks in my portfolio. Their annual meeting is coming up on 4/25/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 4/22/2013. I voted with management 76% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime)
I generally vote against pay packages where NEOs were paid above median in the previous year but make exceptions if warranted. According to Bebchuk, Lucian A. and Grinstein, Yaniv (The Growth of Executive Pay), aggregate compensation by public companies to NEOs increased from 5 percent of earnings in 1993-1995 to about 10 percent in 2001-2003. Continue Reading →
Last Friday I posted a blog piece drawing attention to a video referenced by Gwen Sharp at Sociological Images in her post, Boys Want Success, Girls Want Boys, about a recent Acuvue contact lens commercial aimed at teens that reinforced both gender and racial stereotypes. Continue Reading →
Sociological Images (Boys Want Success, Girls Want Boys) noted a recent Acuvue contact lens commercial aimed at teens that reinforces both gender and racial stereotypes.
The teens look forward to their futures. For the boys, these involve future career success — notice the African American teen dreams of being a famous athlete, while the White boy’s Continue Reading →
AFSCME is recommending that shareholders of both Pfizer and Johnson & Johnson vote against the executive compensation proposals at the annual meetings of both companies, Continue Reading →