Printer Friendly

SEARS SHAREHOLDERS RE-ELECT 3 DIRECTORS, REJECT 5 PROPOSALS

 SEARS SHAREHOLDERS RE-ELECT 3 DIRECTORS, REJECT 5 PROPOSALS
 ATLANTA, May 14 /PRNewswire/ -- Sears, Roebuck and Co. (NYSE: S) shareholders today re-elected three members to the board of directors and rejected five shareholder proposals at the company's annual meeting here.
 In the voting, shareholders re-elected directors Warren L. Batts, Nancy C. Reynolds and Clarence B. Rogers, Jr., to terms expiring in 1995. Each director received more than 94 percent of the votes cast.
 Sears said the tally shows that at least 301.3 million, or 85.6 percent, of the 351.8 million shares outstanding were present at the annual meeting.
 -- A shareholder proposal calling for confidential shareholder voting in all cases was rejected, receiving only 40.9 percent of the votes cast (excluding abstentions), or approximately 31.3 percent of shares outstanding.
 -- A shareholder proposal calling for the election of directors on an annual basis and not by classes, as is now provided, was rejected, receiving only 41.2 percent of the votes cast (excluding abstentions), or approximately 31.0 percent of shares outstanding.
 -- A shareholder proposal calling for an independent study to determine the value of Sears if its financial services divisions were divested was rejected, receiving only 23.3 percent of votes cast (excluding abstentions), or approximately 17.6 percent of shares outstanding.
 -- A shareholder proposal advocating that the positions of chairman and chief executive officer/president of the company not be held by the same person was rejected, receiving only 27.4 percent of votes cast (excluding abstentions), or approximately 20.6 percent of shares outstanding.
 -- A shareholder proposal calling for each director to own at least 2,000 common shares of Sears stock was rejected, receiving only 19.3 percent of votes cast (excluding abstentions), or approximately 14.7 percent of shares outstanding.
 Sears said shareholders also approved Deloitte & Touche as auditors for 1992.
 -0- 5/14/92
 /CONTACT: Gerald E. Buldak of Sears, Roebuck and Co.,312-875-8371/
 (S) CO: Sears, Roebuck and Co. ST: Illinois IN: REA SU: PER


TQ -- NY093 -- 0315 05/14/92 14:17 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1992
Words:343
Previous Article:UNOCAL SUBSIDIARY COMPLETES SALE OF EMULSION POLYMERS BUSINESS TO THE ROHM AND HAAS COMPANY FOR APPROXIMATELY $175 MILLION
Next Article:WEDCO TECHNOLOGY REPORTS 42 PERCENT INCREASE IN NET INCOME FOR THE YEAR ENDED MARCH 31, 1992; SETS AGGRESSIVE GOALS FOR THE COMING YEAR
Topics:


Related Articles
SEARS BOARD ADOPTS GOVERNANCE MEASURES
LONGS DRUG STORES DECLARES QUARTERLY DIVIDEND
No go as Sears rejects new pounds 520m offer from Green.
Sears Elects Cantalupo to Board.
Sears Holdings Responds to Sears Canada's Directors Circular; Sears Holdings Believes Its Offer Is Fair and Remains Committed to Its C$16.86 Offer.
Sears Holdings Acquires 10,161,968 Sears Canada Shares and Extends Offer to March 31, 2006.
Glass Lewis recommends Sears Canada shareholders vote against proposed minority squeeze-out transaction.
The Nominees for Shareholder Choice Urge Target Shareholders to Vote Against Target's Board Reduction Proposal.
NRG shareholders dump Exelon's directors.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters