May 15, 2013
Vulcan Materials shareholders on Friday rejected three proposed board changes at the company’s annual investors meeting in Birmingham, Alabama, according to the Birmingham Business Journal.
The shareholders voted against declassifying Vulcan’s board, eliminating super majority voting and requiring an independent director to serve as board chairman.
The first two proposals received favorable votes at last year’s meeting but had no such luck this year. Despite its opposition to the two proposals last year, the board supported the changes this year, recommending approval to the shareholders.
While the majority of shareholders voted against the third proposal, preventing the board change, 36 percent supported it. Vulcan CEO Don James currently holds the board chairman position.
Though the shareholders rejected the changes to the board, they approved several other changes at the meeting. They reelected directors Douglas McGregor, Lee Styslinger III and Vincent Trosino. Shareholders also approved executive compensation and rehired Vulcan’s auditing company.