REGENERON PHARMACEUTICALS, INC. | Give Each Share an Equal Vote at REGENERON PHARMACEUTICALS, INC.

Status
Omitted
Previous AGM date
Resolution details
Company ticker
REGN
Lead filer
John Chevedden
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
RESOLVED : Shareholders request that our Board take steps to ensure that all of our companys outstanding stock has an equal one-vote per share in each voting situation. This would encompass all practicable steps including encouragement and negotiation with current and future shareholders, who have more than one vote per share, to request that they relinquish, for the common good of all shareholders, any preexisting rights, if necessary.
Supporting statement
This proposal is not intended to unnecessarily limit our Board?s judgment in crafting the requested change in accordance with applicable laws and existing contracts Regeneron's Class A super shares have 10-votes per share compared to one vote per share for other shareholders. Long-term REGN shareholders may have forgotten this fact. Unequal voting rights can be a drag on the price of REGN stock. At the 2025 REGN annual meeting REGN?s Class A super shares blocked adoption of a simple majority vote standard. Regular shareholders gave 97%-support for a simple majority vote standard. However this 97% vote was blocked because REGN?s Class A stock was 100% against it and REGN?s Class A stock had veto power. This is but one example of how the REGN super shares with 10-votes per share can thwart the overwhelming majority of REGN shareholders. Regeneron's Class A super shares reduce accountability by giving insiders the power to retain corporate control wildly disproportionate to their money at risk.

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