West Pharmaceutical Services inc. | Simple Majority Vote at West Pharmaceutical Services inc.

Status
AGM passed
AGM date
Previous AGM date
Proposal number
6
Resolution details
Company ticker
WST
Lead filer
Individual
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Health Care
Company HQ country
United States
Resolved clause
Shareholders request that our board take each step necessary so that each voting requirement in our charter and bylaws
(that is explicit or implicit due to default to state law) that calls for a greater than simple majority vote be replaced by a
requirement for a majority of the votes cast for and against applicable proposals, or a simple majority in compliance with
applicable laws. If necessary this means the closest standard to a majority of the votes cast for and against such
proposals consistent with applicable laws. This includes making the necessary changes in plain English.
Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance.
Supermajority voting requirements have been found to be one of 6 entrenching mechanisms that are negatively related to
company performance according to “What Matters in Corporate Governance” by Lucien Bebchuk, Alma Cohen and Allen
Ferrell of the Harvard Law School. Supermajority requirements are used to block initiatives supported by most
shareowners but opposed by a status quo management.
This proposal topic won from 74% to 88% support at Weyerhaeuser, Alcoa, Waste Management, Goldman Sachs,
FirstEnergy, McGraw-Hill and Macy's. These votes would have been higher than 74% to 88% if more shareholders had
access to independent proxy voting advice. This proposal topic also received overwhelming 98%-support each at the
2023 annual meetings of American Airlines (AAL) and The Carlyle Group (CG).
This simple majority vote proposal would facilitate the adoption of other improvements in the corporate governance of
West Pharmaceutical Services.
Supporting statement
Filed by John Chevedden

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