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This excerpt taken from the AN DEF 14A filed Mar 23, 2009. Statement
of John Chevedden
Special meetings allow shareowners to vote on important matters,
such as electing new directors, that can arise between annual
meetings. If shareowners cannot call special meetings,
management may become insulated and investor returns may suffer.
Shareowners should have the ability to call a special meeting
when a matter is sufficiently important to merit prompt
consideration.
This proposal topic is believed to have received majority
support from independent AutoNation shareholders in 2007.
Fidelity and Vanguard supported a shareholder right to call a
special meeting. Governance ratings services, including The
Corporate Library and Governance Metrics International, took
special meeting rights into consideration when assigning company
ratings.
This proposal topic also won impressive support at the following
companies based on 2008 yes and no votes:
The merits of this Special Shareowner Meetings proposal should
also be considered in the context of the need for further
improvements in our company’s corporate governance and in
individual director performance. In 2008 the following
governance and performance issues were identified:
Table of Contents
The above concerns shows there is need for improvement. Please
encourage our board to respond positively to this proposal:
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