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?Golden Coffin? Proposal Gets 42% at Johnson ControlsSubmitted by: Ted Allen, Publications

In the first vote of its kind, a shareholder proposal seeking a vote on executive death benefits received 42 percent support at Johnson Controls, according to preliminary results released by the proponent, the labor-affiliated Amalgamated Bank.

Scott Zdrazil, a vice president with Amalgamated, said the vote is a ?strong sign of shareholder concern.? The bank?s LongView funds, the AFL-CIO, and other labor investors have filed similar proposals targeting ?golden coffin? arrangements at 13 other firms, including Shaw Group, which holds its annual meeting on Jan. 28.

The Jan. 21 vote at Johnson Controls, a Wisconsin-based maker of automotive, building efficiency, and power products, is a good showing for a first-time proposal. The vote also is comparable to the best results posted last year by investor resolutions seeking limits on tax gross-up payments.

Full post as published by Institutional Shareholder Services -- Corporate Governance Blog on January 23, 2009 (boomark / email).