Saks investor says shareholders vote sends a message to the board

By Lisa Kerner

Charlotte, N.C., June 3 - P. Schoenfeld Asset Management LP said Saks Inc. shareholders "overwhelmingly endorsed" its proposal to declassify the company's board of directors at the annual meeting held on Wednesday.

The investor said it, along with a majority of the votes cast at the meeting, supported the New England Carpenters' Pension Fund's proposal to have the board adopt a majority voting standard for the election of board members.

Schoenfeld made its comments based on preliminary estimates provided by its proxy solicitation firm MacKenzie Partners, Inc.

"Saks' shareholders have sent a strong message that they would like a board that is more accountable to them and more rigorous in its oversight of management," said Peter Schoenfeld.

"We trust the board will respect the wishes of shareholders and implement the declassification recommendation on an expedited basis," Schoenfeld said.

As previously reported Schoenfeld, with a 1.5% stake in the New York-based retailer, asked Saks shareholders to also withhold support for the re-election of C. Warren Neel.

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