2015 Proxy Season Memo Series: Special Meeting Proposals
During the 2015 proxy season, 20 shareholder proposals seeking to establish the right to call a special meeting or lower the share ownership threshold to exercise an existing right went to a vote at Russell 3000 companies. Of these, six proposed to create the right, and 14 proposed to lower the ownership threshold with respect to an existing right. Only four special meeting shareholder proposals received majority support: three created the right for the first time and one lowered the threshold for an existing right to 25%. Overall, shareholder proposals relating to special meetings received average shareholder support of 43.6% this proxy season.