Sixty-eight percent of voting shareholders approved a resolution calling for the expensing of stock options at Weyerhaeuser Corporation’s annual meeting. The vote, which would provide shareholders a more accurate reflection of the company’s financial condition, was seen as a victory for the Teamsters General Fund.
“Despite Company efforts to silence investors at its meeting, an overwhelming majority of voting shareholders registered their discontent with management’s failure to expense stock options,” C. Thomas Keegel, International Brotherhood of Teamsters General Secretary-Treasurer and Trustee said. “This is the third year that shareholders have supported this important reform at Weyerhaeuser. We hope the board will respect the will of the shareholders and finally adopt this proposal as policy.”
The vote came less than a week after the company missed 1st quarter estimates despite doubling income, filed SEC form 8-K and announced a new vice president of Corporate Communications.