4 Directors up for re-approval and also for their Compensation Policy.
Here is, my friends, how I voted:
For me, enough is enough. I am voting AGAINST all 4 Board of Directors members which are appointed for re-approval. I am ALSO VOTING AGAINST their Compensation Policy for their Office Holders (that also include the BOD members).
Here are my reasons:
I believe that the current BOD members and their Chairman have demonstrated their lack of management abilities as was proven time and again for several years now while they were controlling Teva. I also think that they have taken actions which benefited themselves first and foremost, but NOT the good of the company Shareholders:
A YEAR AGO, in the Teva's Shareholders yearly meeting, in spite and when the stock was performing so poorly for several years (and the company shareholders were suffering great losses), and all of this happening while the general market and other Pharmaceutical companies were appreciating handsomely, that BOD and their Chairman have decided to offer the following resolutions for vote to the company shareholders:
1) INCREASE their BOD yearly salaries (each!) from $70K to $190K PLUS continue giving themselves another $2K for each BOD meeting that they participate in, and
2) The American Chairman of the BOD of Teva has increased his yearly salary by 75% AND ALSO decided to receive from Teva another compensation for his private jet plane usage, ($700K or $900K a year) even though he has numerous other business in Israel that he owns and manages., But Teva had to put the bill for him.
These resolutions were unfortunately approved for them (but NOT according to my vote!!!)
And now, they want more! Just read for yourselves:
To be continued...
Ditto on the "No" and "Against" votes! I also remain perplexed as to why this company remains stuck in the mud despite (purportedly) significant exposure to smart grid, LEDs and other "green" technologies.
You commented about 1 1/2 months ago to a post I made re: shareholder voting.
I still feel the same way and probably am more vehement about the "transparency" of the shareholder voting process.
As for the TEVA vote, I voted the same as you against all except I voted "abstain" for the bean counter bit.
I have no axe to grind with the counter of the bean, but can't bring myself to feel positive about anything with TEVA now so the abstain vote.
As for shareholder voting in general, I want to relate a story about another company I am invested in, symbol, THOR, Thoratec. They make a left ventricular heart device to help people with heart disease. When I first became aware of the device it was when the stock symbol was TCA, a part of the ThermoElectron conglomerate back in the 80's and early 90's.They had a MONOPOLY with the invention and sold the business unit to THOR (TCA wasn't so very good with the promotion of the mechanism; they had a unique product, but were naive promoters) .
THOR took over research/manufacture of the heart device and basically waited until there was COMPETITION before they felt the necessity to actually MARKET this product.
The message boards were full of bad-mouthing of the THOR management. Now, I realize message boards aren't a very accurate cross-section of the shareholders, but could not believe, thru the years how management managed to hold their jobs.
Sorry to digress and use up bandwidth talking about another company but I don't have a whole lot of faith in the shareholder voting process. Now that there's also computerized voting I feel it's easier for the fox in the hen house, but I'll still vote becuz then at least I have a right to #$%$ and moan.
...continued from last post:
And now, they want more! Just read for yourselves:
In the coming Shareholders meeting on August 27, 2013, here is, among other things, what they have written in the "Notice of Annual Meeting of Shareholders":
- "...the Annual Meeting of Shareholders... will be held..., for the following purposes:"
- "To approve" (by Shareholders' vote) "a Compensation Policy with respect to the terms of office and employment of the Company's "Office holders"..."
- "...The term "Office holder", as defined in the Israeli Companies Law, including directors, executive officers and..."
- "...If the compensation policy is not approved by the shareholders, the board of directors may nonetheless approve the policy, provided that the compensation committee and thereafter the board of directors concluded..., that such approval is in the best interests of the company."
Which means my fellow shareholders, that this BOD and their Chairman can and may decide about the exact definition of their OWN Compensation Policy, REGARDLESS OF THE SHAREHOLDERS' VOTE OUTCOME!!!
It means that the BOD and their Chairman can approve their OWN Compensation Policy even if the Company Shareholders WILL VOTE AGAINST IT!
Do you all get that!? Need I say more!!!???
Under the management of many of the current BOD members and their Chairman (which he took office about 4 years ago) the stock went down around 40% and this is all the while many other Pharmaceutical companies rewarded their Shareholders very handsomely and the stock market did very well too.
Clearly, this BOD members and their Chairman have produced very high NEGATIVE VALUE for the company shareholders for several years now.
So, IMHO, I believe that we should send a LOUD AND CLEAR message to all those 25 or so BOD members and their Chairman by voting AGAINST their above two proposals.
And this is, my friends, how I voted.
And you should do your own thinking and vote according to your own conscious.
I honestly believe that Teva has a great team of professional and dedicated people, both a great new CEO and a new CSO and many other managers at all levels and great employees all across the board, out of which Teva shall rise again as a great company, like in the days it once was while managed by its great older Chairman of the Board – Mr. Eli Horowitz.
But that NEGATIVE voting message has to be send, IMHO, to the current BOD and their Chairman, telling them that we are NOT happy with the GREAT NEGATIVE value that they are delivering to us, the Teva shareholders, for so many years.