Two Of The Three Resolutions Proposed To UO Have Passed, Company To Still Be Run By White Dudes
Last week we told you about three shareholder resolutions coming to a vote for Urban Outfitters. The resolutions included a call for the board of directors to, “commit to considering diversity when picking board candidates,” declassification of the board so that all members face election annually, and moving the system of votes from plurality to majority vote.
According to Philly Inc, two of those proposals passed. The non-binding resolutions (UO doesn’t have to follow them, but probably will to appease shareholders) that passed were the move to majority voting (52.5 percent “for” votes) and the declassification of the board, calling for annual elections (60 percent “for” votes). And as for the diversity vote? Well, there’s good news and bad news. The good news is that the resolution got 15 percent more “for” votes than last year. The bad is that it still only comes to 38 percent “for” votes. So for now, UO will still be run by big-time white dudes, so expect some more of this stuff.
