A policy to separate CEO and Chair splits Conagra Brands’ shareholders
Over one third of Conagra Brands’ shareholders voted in favour of a proposal requesting the assurance of a separate CEO and Chair.
The owner of brands such as BirdsEye, JiffyPop and SlimJim — Conagra Brands — held its AGM this September.
Shareholders voted on a proposal requesting the Board adopt a policy that ensures an independent Chair. Although the proposal was not passed, 37% of shareholders voted in favour of solidifying this separation of roles.
Should the CEO and Chair be separate?
Some shareholders argued that the job of the CEO is to manage the company and the job of the Chair is to oversee the CEO and management.
They said that these jobs should be held by separate people, and the Chair should be independent.
Despite Conagra Brands practising this separation since 2005, shareholders took issue that there was no official policy to ensure that this practice will endure.
Conagra Brands responded saying that they have had a separate CEO and Chair for 17 years and that 92% of its Board is independent.
Although the proposal received over a third of shareholder support, it was ultimately rejected as 63% of shareholders voted against the policy.
The results
❌ 37% of shareholders voted for Conagra Brands to adopt this policy.
✅ 100% of Tumelo users voted for Conagra Brands to adopt this policy.
✅ Users’ fund manager voted for Conagra Brands to adopt this policy.
If you have access to Tumelo, head over to your account and get voting! If not, ask your employer or pension provider for Tumelo and join others in reclaiming your shareholder rights 💪
