Saks shareholders in favor of declassified board, voting standard

By Lisa Kerner

Charlotte, N.C., June 18 - Saks Inc. shareholder P. Schoenfeld Asset Management LP said its proposal to declassify the company's board of directors was "overwhelmingly endorsed" by more than 93% of the shares voting for or against the proposal at Saks' annual meeting on June 3.

Schoenfeld made the announcement based on preliminary results provided by IVS Associates, Inc., the independent inspector of elections, a Schoenfeld news release said.

The shareholder is in favor of a proposal by the New England Carpenters' Pension Fund to have the New York-based retailer's board adopt a majority voting standard for the election of board members.

That proposal earned the support of more than 54% of the votes cast for or against the proposal at the meeting, Schoenfeld said.

"The message from Saks' shareholders is unequivocal and the time to act is now," Schoenfeld chairman and chief executive officer Peter Schoenfeld said in the release.

"We anticipate that the board will work constructively with us toward making the board declassification and majority voting standard proposals a reality."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.