Ford shareholders reject stock proposal
THE ASSOCIATED PRESS May 9, 2013 12:52PM
Ford Motor Co. said 67 percent of shareholders voted against a proposal to dilute the Ford family’s control over the company. | AP file photo
Updated: May 9, 2013 3:34PM
WILMINGTON, Del. — Ford Motor Co. shareholders are again rejecting a proposal to dilute the Ford family’s control over the company.
At its annual meeting Thursday in Wilmington, Del., Ford said 67 percent of shareholders voted against the proposal to make each Ford share worth one vote. Thirty-three percent supported it. That was slightly less support than the same measure received last year.
The Ford family has 40 percent of the voting power in the company through 71 million Class B shares, which carry more votes than Class A shares. Some shareholder activists say the dual-share system is unfair.
Ford shareholders were clearly pleased with the company’s performance. Ninety-three percent voted to approve Ford’s executive compensation levels for 2012, including CEO Alan Mulally’s $20.95 million pay package.