UPS shareholders reject lobbying proposal

UPS shareholders rejected a proposal that would have required the company to provide additional disclosures concerning its government affairs and lobbying activities, the company said Thursday.

The proposal, brought by Walden Asset Management, which owns more than 200,000 shares of UPS stock, sought disclosure of all “grassroots lobbying communications” at the local, state and federal levels. The proposal on the company’s proxy statement said the disclosures were needed to assess whether the company’s lobbying is “consistent with its expressed goals and in the best interests of shareholders and long-term value.”

UPS said it already has effective policies in overseeing lobbying and political contributions and expenditures at all government levels.

At its shareholders meeting in Delaware on Tuesday, investors also rejected a proposal that sought to require the board to reduce the voting power of Class A stock from 10 votes per share to one vote per share.

UPS said all of its 12 directors were re-elected to the board: Chairman Scott Davis; Duane Ackerman; Michael Burns; Stuart Eizenstat; Mike Eskew; Bill Johnson; Candace Kendle; Ann Livermore; Rudy Markham; Clark Randt; Carol Tomé, and Kevin Warsh.