WASHINGTON, D.C. July 27, 2017: Earlier today, the CtW Investment Group petitioned the SEC to require T-Mobile (NASDAQ:TMUS) to provide a clear and comprehensible description of the methods used to calculate the performance metrics for executive pay – including the non-GAAP metrics – and to explain how those metrics result in the bonus actually paid.
Dieter Waizenegger, Executive Director of the CtW Investment Group said, “Investors rely on T-Mobile to provide clear and intelligible disclosures. In this case, the company has done neither. That’s why we’re taking the extraordinary step of bringing this matter to the SEC.”
ATHENS, GA, June 14, 2017: Today, at Caterpillar, Inc.’s annual meeting, a substantial number of shareholders expressed concern regarding the possible reputational costs of the company’s Swiss offshore tax strategy by supporting a shareholder proposal to strengthen the company’s clawback policy. With 28% support, shareholders seek to enhance the ability of Caterpillar’s board of directors to recoup executive compensation for damage to the company that may not warrant a financial restatement. Average support for clawback proposals in 2016 was 14.3%.
Philadelphia, Pennsylvania, May 30, 2017 – After years of declining performance, low independence and poor board diversity, shareholders demonstrated a waning confidence in the board of Urban Outfitters (NYSE: URBN), with 30.5% of outside shareholders opposing the reelection of director Robert H. Strouse, and 64.5% of outside shareholder in opposition to Harry S. Cherken. The sizable opposition votes came from major public funds, including CalSTRS and Norges Bank.
The level of opposition is high given that the average opposition votes for the Russell 3000 is 3.8% year to date, and insider ownership constitutes approximately 35% of shares outstanding. These results reflect years of low shareholder support levels for both Strouse and Cherken, who received 11.3% and 37.9% opposition in 2016 and 20.7% and 39.6% opposition in 2015, respectively.
“This is a clear vote of no confidence in the board’s composition and the company’s broken nomination process,” said Dieter Waizenegger, Executive Director of the CtW Investment Group who had urged investors of Urban Outfitters to vote against long-tenured directors.