Preliminary data from the 2009 proxy season compiled by Manifest’s US partner, PROXY Governance, show that the number and percentage of votes withheld for director nominees continue to increase — with the percentage of director nominees who had at least 30 percent of shareholder votes withheld doubling in 2009 to 5 % of nominees from 2.5 % of nominees in 2008. Overall, the average support level for director nominees in uncontested elections through Aug. 31 fell to 92.8 % in 2009, down from 94.7 % in 2008 and 95.1 % in 2007. Vote withhold percentages for firms in the Russell 3000 index are shown below:
|
Year |
Average |
=> |
=> |
= > |
|
2007 |
95.1 % |
13.1 % |
4.8 % |
2.2 % |
|
2008 |
94.7 % |
14.5 % |
5.5 % |
2.5 % |
|
2009* |
92.8 % |
20.3 % |
9.8 % |
5.0 % |
* preliminary data through Aug. 31, 2009
Last Updated: 4 September 2009