Teamsters, Others Vote to Expense Stock Options | AccountingWEB

Teamsters, Others Vote to Expense Stock Options

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.