In a letter to Airgas stockholders, Teamsters General Secretary-Treasurer Ken Hall is urging shareholders to withhold support for all three independent directors standing for re-election at the company’s Annual Meeting on August 4, 2015, in Philadelphia.
The independent directors are James Hovey, Paula Sneed and David Stout.
“These long-tenured directors, who each joined the board in 1999, and serve together on the board’s Governance and Compensation Committee, have failed to implement a proposal to declassify the board of directors despite strong majority support from shareholders over the past three years,” the letter reads.
Currently, the Airgas Board is divided into three classes of directors serving staggered three-year terms. An individual director faces election only once every three years, and shareholders may vote on roughly one-third of the board each year. To declassify or de-stagger the board would provide for annual elections of all directors.
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