Investors vote for governance reform at Cheesecake Factory. (Wall Street West).CHEESECAKE Factory Inc. shareholders approved four non-binding corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. reform measures last week, but company officials have yet to say if the proposals by a Culinary cu·li·nar·y adj. Of or relating to a kitchen or to cookery. [Latin cul  n Workers Union local in
Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. will be adopted.
Shareholders recommended to the board of the Calabasas-based restaurant operator: that it submit its stock option plan to shareholder approval, hold annual elections for directors, submit its "poison pill A defensive strategy based on issuing special stock that is used to deter aggressors in corporate takeover attempts. The poison pill is a defensive strategy used against corporate takeovers. " to prevent hostile talceovers to a shareholder vote, and lower the amount of votes needed to enact a binding shareholder proposal to a simple majority of shares from 80 percent. Each of those proposals received between 66 and 81 percent of the votes cast. Two other non-binding proposals fell short of a majority. One that sought the expensing of stock options received 49 percent of the vote, and another that sought to prevent the chief executive of the company from chairing the board received 37 percent. "This is a clear call to the Cheesecake Factory's board of directors that it's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a to reform and modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. the company's poor corporate governance policies," said Chris Bohner, a senior research analyst for the union. It's unclear if Cheesecake Factory will enact any of the measures approved by shareholders. The board recommended shareholders vote against all of them. Company officials declined to comment last week, but in a press release, Chairman and Chief Executive David Overton said the board would "carefully consider these non-binding recommendations." Bohner said the company is stalling. "Clearly," he said, "they are not committed to respecting the vote." |
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