International Paper Reports Annual Shareowner Meeting Results
MEMPHIS, Tenn., May 8, 2012 /PRNewswire/ -- International Paper Company (NYSE: IP) announced that at yesterday's annual meeting, the company's shareowners:
- Elected all director nominees, each for a one-year term: David J. Bronczek, Ahmet C. Dorduncu, John V. Faraci, Stacey J. Mobley, Joan E. Spero, John L. Townsend, III, John F. Turner, William G. Walter and J. Steven Whisler.
- Ratified the appointment of Deloitte & Touche LLP as the company's independent auditors for 2012.
- Approved, on an advisory basis, the compensation of the company's named executive officers.
- Approved a non-binding shareowner proposal requesting that shareowners be permitted to act by written consent in lieu of a meeting.
"We were pleased that our shareowners overwhelmingly supported each of management's proposals, with our say-on-pay proposal receiving 98 percent of votes cast," said John V. Faraci, Chairman and Chief Executive Officer. "Although the shareowner proposal was only approved by a slight majority, at less than 52 percent of votes cast, the Board of Directors intends to modify the company's governance documents to reflect the shareowner recommendation. Over the coming few months, the Board will review appropriate procedural limitations that safeguard the interests of all our shareowners and plans to submit our own proposal on shareowner written consent at next year's annual meeting."
About International Paper
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs approximately 70,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2011 were $26 billion. Temple-Inland Inc., which was acquired in February 2012, had 2011 net sales of $4 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.
SOURCE International Paper Company