Home Depot shareholders pass request to call more meetings
Against the company's objection, Home Depot shareholders approved a measure that would allow them to call more special meetings.
Home Depot said its board would take the vote under consideration, and decide if shareholders who own 15 percent of the company's outstanding stock or more could call special share-owner meetings between scheduled annual meetings.
The meetings would allow shareholders to vote on matters that come up between annual meetings, and keep management from becoming too insulated, the proposal said.
Home Depot noted that shareholders who own 25 percent of the company's stock have the right to call a special meeting, saying that shareholder meetings consume significant resources, and take the time and focus of the board and management.
If it is adopted, the proposal could allow shareholders with narrow interests to call an unlimited number of meetings about topics that are not in the best interest of other shareholders, Home Depot said in a response to the proposal.
The company said at its annual meeting Thursday that the proposal passed, but did not say by what margin, as votes were still being tallied.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
