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CAMPBELL TAKES LEADERSHIP IN CORPORATE GOVERNANCE WITH NEW PROXY VOTING REQUIREMENTS FOR BILLION DOLLAR PENSION FUND

 CAMDEN, N.J., July 15 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) announced today its intention to have shares of other companies' stock held in its pension fund voted according to Campbell's own progressive practices of shareowner-sensitive governance.
 "We have already charted a new course at Campbell," said Senior Vice President and CFO Frank E. Weise. "Now, since we believe strongly that companies' boards of directors must practice wise stewardship of shareowner investments, we feel this action will further that important cause."
 Weise said that in the upcoming proxy season, Campbell's pension share votes will focus on three issues:
 -- In favor of executive compensation policies where
 pay is directly and objectively linked to measured
 results delivered to shareowners.
 -- Against repricing of executive stock options.
 -- Against the election of more than three inside
 directors on a board.
 The voting requirements, based on Campbell's pension holdings totalling approximately a billion dollars, will be pursued in cooperation with the company's U.S. equity fund managers.
 Referring to this initiative, Weise said, "Research shows that well run companies best serve their shareowners' interests. This action furthers our serious commitment to focus on issues of corporate performance and affirms our own strategic drive to manage in accordance with principles of sound governance."
 Campbell's proxy voting requirements key off the company's leading corporate governance and executive compensation policies: Campbell is a leader in setting demanding goals for financial performance and linking pay strongly to those goals. In addition, Campbell's board is among the most independent in America, with only one Campbell executive in the 16 member group and with all directors owning substantial shareholdings. Moreover, in May, Campbell announced its decision to require company executives to own specific amounts of Campbell stock in proportion to their salary.
 Said Weise, "Voting our pension shares in accordance with our own corporate governance and executive compensation policies at Campbell is a logical result of our commitment to serving our shareowners."
 /delval/
 -0- 7/15/93
 /Editors: Campbell's five-year total return to shareholders (stock appreciation plus dividends) is 26.7 percent for the five years ended June 15, ranking number one in the S&P Food Group (18.4 percent) and outperforming the S&P 500 (13.7 percent)./
 /CONTACT: Dawn R. Mann, 609-342-6214, or Leonard F. Griehs, 609-342-6428, both of Campbell Soup/
 (CPB)


CO: Campbell Soup Company ST: New Jersey IN: FOD SU:

MK -- PH005 -- 1785 07/15/93 09:05 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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