United Parcel Service Shareholders Ratify Its Nominations

United Parcel Service, Inc.

said that its shareholders elected its board of directors foe a one-year term. Aside from that, the company said that the shareholders ratified the appointment of its auditor, Deloitte & Touche LLP, by a big margin. According to the company, the re-election of the board included Chairman and Chief Executive Officer David Abney, Rodney Adkins, Michael Burns, Bill Johnson, Candace Kendle, Ann Livermore, Rudy Markham, Sandy Randt, John Stankey, Carol Tomé, and Kevin Warsh. In all, eleven directors were waiting for re-election. United Parcel said that its shareholders did not give their approval for a proposal that required additional disclosure in respect of the company's government affairs, as well as, lobbying activities over the current requirements. The company said that its Board recommended a "No" vote citing that UPS already has effective policies for the appropriate disclosure and oversight of its lobbying and political activities. Therefore, it cannot be termed as a setback. Another resolution that was rejected by the shareholders was in respect of a proposal that sought to require the Board to cut down the voting power of Class A stock to one vote per share from 10 votes per share. Aside from these, the shareholder proposal regarding Holy Land Principles was also not approved, since it has existing policies to promote fair employment practices, equal employment opportunity and diversity in the workplace globally. The stock shed 0.74% on Thursday.