Thursday, June 8, 2006
The Annual Meeting was a significant first as shareholders exerted their influence. Not only did Item 7 pass with 54%, but then Item 8 passed by 58%, resulting in a back to back occurence of something that has never happened. Perhaps its a good thing for management that the meeting ended.
At Wilmington's historic Hotel duPont, there was also important discussion about ratifying Deloitte and Touche. Additionally, misinterpretations have arisen regarding the combined roles of Chairman and CEO. This year's defeat of the proposal for separation was not a vote of confidence in Mr Wagoner, it only addressed the question of whether or not these should be independant positions. Let's not forget that the proposals which did pass had previously failed.