Close call for CHS on proxy access push

This was a tight one.

Shareholders of Community Health Systems last week voted definitively to reinstall the company's board, stick with Deloitte & Touche as the hospital operator's auditor and give a nod to its executive compensation plans. But shareholder requests to expand how the company might claw back some of its executives' compensation as well as make it easier for investors to nominate board candidates were much closer.

Earlier this spring, CHS executives had encouraged shareholders to turn down both proposals, saying the clawback push was too vague and that the proxy access proposal "advances a solution for a problem that does not exist."

In the case of the second of those proposals — advanced by the Connecticut Retirement Plans and Trust Funds — CHS barely got the negative result it wanted: With more than 99 million shares voted at the meeting, the difference between the nays and ayes was only 423,000, or 0.4 percent. Check the numbers here.

We will not be at all surprised next spring to see the Connecticut pension managers return with their plan — if it isn't quietly adopted before CHS' 2016 proxy filing deadline.

May 26, 2015 7:03 AM

Leedle out at Healthways

CFO tapped for interim role; company will incur $5M in compensation costs
May 18, 2015 8:08 AM

Commerce Union board taps Willis exec to be lead director

CFO will lead audit committee
May 5, 2015 7:25 AM

Double-digit raises for three of five Brookdale leaders

Quintet also gets stock awards worth $8.5M
May 5, 2015 7:04 AM

Avenue launches auditor search

RFP comes after IPO process helped grow 2014 tab to $800K+
May 4, 2015 2:49 PM

Franklin Financial adds to board

Rutherford real estate exec, former MidSouth director will come up for vote next year
May 4, 2015 10:02 AM

Pinnacle's board will be declassified

Shareholders of Pinnacle Financial Partners last week voted to declassify the bank holding company's board of directors, a process that will completed two years from now. Investors also approved by very wide margins the other items of business put before them.

Apr 28, 2015 9:22 AM

Ex-Rear Admiral named chair of payment processing startup's board

Franklin company launched by Navy vet last December
Apr 27, 2015 7:07 AM

Brookdale strikes deal with activist investor

Senior living company appoints two real estate execs to board
Apr 24, 2015 1:42 PM

LifePoint will get a new lead director

The board of LifePoint Hospitals will soon have a new lead director because Bob Shell, who has held that role since late 2010, will in early June retire, having reached LifePoint's mandatory director retirement age. Shell, a former Bank of America division president, has been a LifePoint director since 2002 and was the Brentwood-based company's non-executive chairman from 2006 to 2010. There's no word in the company's proxy statement as to who will take his place as lead director. The board will vote on that after being re-elected.

Apr 23, 2015 10:34 AM