Home Depot chief Frank Blake faced a generally friendlier audience than last year at the company's annual meeting Thursday, but shareholders flexed their muscle in other ways.
Two shareholder proposals on corporate governance came within percentage points of passing. One, to give holders of 10 percent of the company's stock the power to call special shareowner meetings, got 45 percent of the vote, up from 37 percent last year.
Another, to give shareholders an advisory vote on executive pay, got 44 percent of the vote, up from 40 percent last year.
Blake said that although no shareholder proposals passed, "Our board spends a lot of time going through the proposals and talking to shareholders. A lot of the things proposed, we actually do. It's only when we get to a point of disagreement it gets on the agenda."
The company had already moved to give shareholders owning 25 percent of company stock the right to call special meetings.
Last year, Blake heard shareholder gripes about about service, dirty stores and minority hiring. This year, aside from a protest by an environmental group, he got compliments on the promotion of an African American to a top post and better staff morale.
"This year I couldn't think of anything to complain about," said Gary Patton, a store employee from South Carolina who was among last year's critics.
Addressing Home Depot's sales struggles amid the housing bust, Blake said "the worst is behind us" and added he believes the economy and housing market are close to bottom.
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