Wednesday, June 17, 2009

ARROGANT (but then, we knew that)


From the 6/3/09 Wall Street Journal:

"It's democracy, Pulte Homes-style. Last month, more than half of shareholders rebuffed three directors up for re-election. The directors submitted resignation letters, but this week the board said it wouldn't accept them. Huh? Michigan law doesn't require winning candidates to receive a majority of votes--only more than the rest of the candidates. And this year, there were no others. So the incumbents were legal winners.

Then again, every year since 2006, shareholders have backed a resolution for the entire board to seek re-election annually. So far, the board has ignored them."

King George III had nothing on Pulte Homes. Where are patriots when you need them?

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