FedEx shareholders have once again rejected a proposal by the Teamsters union to introduce anindependent chairman and limit the role of founder Fred Smith to president and CEO, with less than
30 per cent of voters at the company’s AGM yesterday in favour of the idea.Support for an independent chairman slipped to 28 per cent from the 37 per cent that votedfor the change last year, while a proposal requesting that FedEx publish a report disclosinginformation about the corporation’s political contributions was also voted down by a significantmargin.
But shareowners did vote to re-elect all 12 director nominees to the corporation’s Board ofDirectors for a further one-year term, approved the compensation of FedEx’s named executiveofficers, and ratified the appointment of Ernst & Young as FedEx’s independent auditors forfiscal year 2013.
