PLEASANTON, CA -- (Marketwire) -- 05/16/12 -- Safeway Inc. (NYSE: SWY) announced the preliminary results of its stockholder vote at the company's 2012 Annual Meeting of Stockholders held yesterday.
Stockholders elected each of the nine directors by a vote percentage of at least 86% and approved the appointment of Deloitte & Touche LLP to serve as the company's independent auditors for the 2012 fiscal year.
Stockholders also voted on four proposals presented at the meeting: two board proposals and two stockholder proposals. A third stockholder proposal requesting cumulative voting that appeared in the company's proxy statement was not properly brought before the meeting and therefore was not submitted to a vote of the stockholders. All proposals were voted with the Board of Directors' recommendations.
The following are the approximate vote percentages:
-- Advisory Vote on Executive Compensation ("Say on Pay") 51% FOR -- Re-approval of the Amended and Restated Capital Performance Bonus Plan 97% FOR -- Accelerated Vesting 58% AGAINST -- Succession Planning 71% AGAINST
All figures are expressed in terms of percentages of the shares voted. Final vote results will be filed in a Form 8-K.
Safeway Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America based on sales. The company operates 1,675 stores in the United States and western Canada and had annual sales of $43.6 billion in 2011.