WASHINGTON, May 17, 2011 /PRNewswire-USNewswire/ -- The International Brotherhood of Teamsters announced today that it secured nearly 63 percent of the shares cast in favor of the union's proposal to reform Clean Harbors, Inc. (NYSE: CLH) board of director elections. The proposal calls on Clean Harbors' board of directors to adopt a majority vote standard for director elections.
The company's current plurality standard only requires a director to receive a single vote in uncontested elections to be seated on the board. A majority vote standard would require a director to receive a simple majority of the total shares cast in the election.
"Despite the Company's recommendation to maintain the status quo, Clean Harbors' shareholders have resoundingly supported our call for more accountability from our board of directors," said C. Thomas Keegel, Teamsters General Secretary-Treasurer. "More than 77 percent of the boards of the S&P 500 have already adopted a majority voting standard. Clean Harbors should respect the will of its shareholders and adopt a majority vote standard for director elections."
"The company's current voting system leaves shareholders disenfranchised," added Keegel. "It's time for change at Clean Harbors--we call on the board to take heed of this strong message from share owners and adopt a policy for majority voting in director elections which will create meaningful accountability."
The California State Teachers Retirement System (CalSTRS), the nation's largest teacher retirement plan with more than 852,000 participants and assets totaling more than $152 billion co-sponsored the shareholder proposal.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.
SOURCE International Brotherhood of Teamsters