EMC Hldr Grp Says SEC Backs 2 Of 3 Hldr Resolutions
DOW JONES NEWSWIRES
NEW YORK -- An EMC Corp. (EMC) shareholder group including Walden Asset Management
said the Securities and Exchange Commission supported the inclusion of two of the group's three
proposed resolutions in 2002 proxy materials.
In a press release Thursday, the shareholder group said that the SEC supported the inclusion of
proposals on the diversification of its "white male board" and on the creation of an independent
board.
The SEC allowed the exclusion of the third resolution calling for the continuation of in-person
shareolder meetings, as opposed to Internet-only.
EMC, a Hopkinton, Mass., computer storage company, has said it would consider holding online
shareholder meetings.
Officials at EMC weren't immediately available for comment late Thursday night.
According to a January report in The Boston Globe, EMC has battled with shareholders, including
the Connecticut state treasurer, over the submitted resolutions.
EMC says it has worked on making the board independent, and is open to a more diverse board,
the Globe reported.
The shareholder coalition, which held about 2.7 million of EMC's 2.2 billion shares as of January,
has criticized EMC for asking regulators for permission to omit the resolutions from its proxy
statement, the Globe reported.
Updated March 22, 2002 12:19 a.m. EST |
