Dendreon shareholders demanded annual elections to increase board independence and responsibility -
Ninety-four percent (84%) of the votes cast by shareholders Dendreon to vote in favor of a proxy proposal calling for the annual election of the board of directors, a strategy - if adopted - would increase board independence and accountability. Dendreon is a biotechnology company developing Provenge, an immunotherapy for prostate cancer. The shareholder proposal was sponsored by UAW Retirees Medical Benefits Trust. The shareholder vote took place on 15 May
In recent years, investors have expressed concerns about the company's compensation practices in light of the difficulty of the stock price of the company, laying less than a majority vote packet executive compensation in 2013 and 2014.
in anticipation of loud on the proposal of the trust, the Dendreon Board of Directors noted in its proxy that would put the measure on the ballot in 2015, if a majority vote to require the annual election was conducted in 2014.
"We were encouraged that the board chose not to oppose our proposal, instead indicating that a resolution will declassify the management board for a shareholder vote in 2015, so our proposal was supported by the majority of this year, " said Meredith Miller, CEO of corporate governance for the trust. "We hope that the increased responsibility that would result to institute annual elections of the Board and certain management changes Dendreon did, will help Dendreon forward as a stronger company."
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