News Column

UPS shareholders reject lobby proposal

May 8, 2014

ATLANTA (AP) — Shareholders of United Parcel Service Co. rejected proposals at the annual meeting for increased disclosure of lobbying activities and a change in the voting power of preferred stock.

The package-delivery company's board had opposed both resolutions. The voting proposal would have reduced the power of Class A stock to one vote per share from the current 10 votes. About 75 percent of voting power is held by Class A owners, including officers and former employees.

Shareholders, who met Thursday in Wilmington, Delaware, also overwhelmingly elected 13 directors nominated by the board.

Shares of UPS rose 32 cents to $99.15 in morning trading. They gained 43 percent last year but were down 6 percent in 2014 through Wednesday's close.

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Source: Associated Press

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