NU Online News Service, June 9, 2004, 2:38 p.m. EDT – Shareholders of Prudential Financial Inc. voted overwhelmingly Tuesday to require that directors of the Newark, N.J., company be elected annually.[@@]
Members of the company’s board of directors have been elected every 3 years, on a staggered basis.
Prudential executives had urged shareholders to vote against the proposal, which is nonbinding.
The resolution was proposed by the Union of Needletrades, Industrial and Textile Employees Staff Retirement Plan, New York, an institutional investor that holds 14,000 shares of Prudential stock out of 528 million shares outstanding. A preliminary count showed the resolution was approved by 71% of the votes cast at the company’s annual meeting.