Shareholders of Clarcor have turned away a shareholder's proposal to have the filtration and packaging company produce detailed reports on its sustainability efforts.
At the Franklin-based company's annual meeting Tuesday, investors voted 3-to-2 against the motion put forward by Boston-based investment firm Walden Asset Management. (Another 22 percent of the votes represented at the meeting either abstained or not voted. The full results are available here.)
Walden's managers had argued that Clarcor should step up its environmental issues reporting to the level of a number of companies in the industry. Walden Asset Management also had said that Clarcor's leaders could benefit from a global report given the decentralized nature of the company, which does business through three main units and gets more than 30 percent of its sales outside the United States. Clarcor's management had argued against the reporting measure, mainly on the basis of the cost involved.
Shares of Clarcor (Ticker: CLC) closed Wednesday trading at $56.75. Year to date, they're down about 12 percent.
POSTDATA: WARRANTY DEEDS