The Vote Roundup: Disney and Starbucks’ AGM agendas out
Topical issues have been raised by the shareholders of both companies, giving investors much food for thought.
In this week’s vote roundup…
Hard questions face Starbucks shareholders
Five shareholder proposals are on Starbucks’ AGM agenda; they touch on topical issues ranging from its practice of charging extra for plant-based milks, to its business operations in China.
One proposal asks the coffee giant for an independent assessment of its commitment to worker rights. The proposal, which focuses on freedom of association and collective bargaining rights, comes after the company was reportedly found to have illegally sacked a union leader, although Starbucks denies any wrongdoing.
Starbucks is currently undergoing a CEO transition as Laxman Narasimhan, former CEO of consumer goods company Reckitt, prepares to replace interim CEO Howard Schultz. Mr. Narasimhan will undergo his first director election to Starbucks’ Board at the upcoming AGM.
Starbucks’ AGM will be held on March 23rd.
Disney’s AGM agenda refreshed
In the latest development of Disney’s proxy battle, Nelson Peltz has withdrawn his bid to join the company’s Board of directors. This comes after Disney announced a shakeup of its strategy, which included cutting $5.5 billion in costs, as well as roughly 7,000 jobs.
Following Peltz’s withdrawal, Disney released an updated AGM agenda which includes routine resolutions such as director elections and a say on pay, as well as three shareholder resolutions on the company’s operations related to China, charitable spending, and political spending.
To view the full agenda, see Disney’s latest AGM notice.
Other S&P 500 AGMs on the radar
American pharmaceuticals giant, AmerisourceBergen, is set to hold its AGM on March 9th. The sole shareholder proposal on the agenda asks the company to start seeking shareholder approval for executive termination-pay agreements. Otherwise, it is the usual set of routine resolutions for the company: director elections, say on pay, say on frequency, and ratification of the appointed accounting firm.
TransDigm Group, an aerospace-components manufacturer, and Sonos Inc, a wireless sound system company, also have the usual set of resolutions on their AGM agendas — and both are set to hold their AGMs on March 9th.
Keysight Technology’s AGM (March 16th) is also notable, as the electronic-equipment and software company has proposed to declassify its tiered Board. Details gleaned from its proxy notice show that the process will be gradual, with the declassification taking full effect in 2026.
FTSE 350 companies
Property developer Crest Nicholson will hold its AGM on March 23rd. Shareholder will vote on proposals including: the election of its seven-person Board, which is led by seasoned Board director Iain Ferguson CBE; approving an updated pay policy; and adopting the proposed 2023 Long-Term Incentive Plan.
Another company on our radar is Safestore (March 15th), the UK’s largest self-storage company, whose 2022 say on pay notably received 27.85% “against” votes from shareholders. Concerned shareholders have been promised an updated pay policy later in the year.
